Ann: Company Update & Earnings Outlook, page-44

Thank you @madamswer. I benefited from the ZNT takeover too, though to a far lesser extent than you perhaps as a later entrant on the register and only with a small position.

I have followed PGC on and off over a couple of years without every committing any investment capital. You are very right about roll-ups (or any businesses that have a heavy acquisitory slant to drive growth in general); very few prosecute their strategy well. After a string of blow ups , some of which are/were unfortunately in my portfolio too, I am much more wary of these kinds of businesses.