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This is an IPO of independent companies in the same industry that merge into a single company at the time of the offering. Mostly used in fragmented industries, the approach has been applied to equipment rental firms, floral distributors, office products distributors, travel agencies, temporary staffing organizations, dental practices and car dealerships. The financier most associated with the concept is Jay Ledecky, who took public US Office Products, US Floral Products and Consolidated Capital, which invests in roll-ups.

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