Non-Integrated Platform

Hi all,

I'm wondering about an acquisition strategy that's been discussed at my firm recently: non-integrated platforms / holding companies. The basic of the strategy, from what I gather, is to acquire companies with similar product/market/customers but NOT integrate them together. I'm told that these are different than conglomerates because they have similar business characteristics. I'm hoping to get some ideas on why PE companies pursue this strategy. Two examples:

Union Park Capital - they are known for building these non-integrated platforms, and have 4-5 such holding companies.

Roark Capital (via Inspire Brands) - don't know as much about this strategy, but through Inspire Brands they own companies / stakes in companies such as Baskin Robbins, Arby's, Buffalo Wild Wings, and most recently Dunkin' Donuts.  To be clear, I don't know the level of integration Roark / Inspire pursues.

The reasons I've come up with don't seem to give all that much upside, but maybe I'm missing something:

1.) Exit flexibility - potential buyers can pick, a la carte, which companies they want to purchase without disrupting the whole, or they can purchase the whole portfolio and integrate them how they want to.

2.) Sharing of Executives - this isn't as much as a benefit imo, since you are spreading their bandwidth across multiple organizations for their operational expertise

3.) Cross-utilize Workforce - if they are companies with similar products/markets/customers you can potential leverage employees from one company to another without creating dependencies between business units.

I'm sure I'm missing a few key things. In my head, the list of negatives is probably 5-7. Any additional perspective or insight would be awesome.