Tribal Group plc is a classical example of how a successful "Buy & Build" strategy can create substantial value for investors.

Tribal provides professional support services to the public sector in the UK in the education, health and local authority markets. Tribal was the brain child of Henry Pitman who had spent a number of years in the education sector. He engaged Anvil Partners as his advisers from Day 1 and Anvil subscribed to Tribal's initial capital. Anvil advised on Tribal's acquisitions and helped to raise acquisition finance from Gresham Trust and Bank of Scotland.

Tribal completed its first acquisition in March 2000. Having made a total of six acquisitions in 2000, it listed on AIM in February 2001. After a further 13 acquisitions Tribal transferred to the Official List of the London Stock Exchange in July 2002.

At the time of its listing on AIM, Tribal had spend £19.9 million on acquistions and its capitalisation (including debt) was £57.6 million, generating a value gain of £37.7 million. By the time of its transfer to the Official List, Tribal's acquistions had cost £70.3 million and its capitalisation was £154.5 million, resulting in a value gain of £84.2 million. These gains were generated by growth in the earnings of the acquired businesses and by the higher earnings multiple which Tribal was valued at by the stockmarket compared to the multiples it paid for its acquisitions.