Redeye initiates coverage of OEM International, a niche acquirer of technology trading SMEs that has posted strong organic growth and ROIC increases in the past decade. EQT recently agreed to acquire a voting majority, which we consider an opportunity for it to ramp up OEM’s M&A using its low leverage. The central question is whether EQT will allow OEM to maintain its serial acquirer culture or implement a more aggressive private equity playbook.
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