I guess that's the one concern - buying out the competition (more an open question): but how much is dilution and just buying and buying when one may argue the share price hasn't yet recovered from the Parton's acquisition and subsequent fall, versus buying Kaddy when times have been great and potentially resulting in a higher price to pay for Kaddy. All in all acquiring the field would be great if it leads to increased margins but so far the businesses haven't proven that a widening margin is taking place. Could a positive outcome from Partons perhaps have been waited for (i.e. after a few quarters) where arguably a re-rate in the share price (provided it was a favourable outcome from the acquisition of Partons) would have provided a much less dilution for acquiring another competitor.
I don't know the answer to that... but as you mentioned if Wine Depots platform is superior to Kaddy then surely some redundant sunk costs spent during Kaddy days developing a platform that would get rolled over with Wine Depot? And of course part of that would be baked into the acquisition costs.
A few quarters of Partons would probably provide a more clear picture if acquisitions led strategy is net-a net positive .
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