Buy-and-build activity reached its highest level for four-years in 2015, as private equity firms were spurred on to make add-on acquisitions due to high price multiples being demanded for businesses across Europe, according to a report from private equity firm Silverfleet Capital.

Private equity groups backing European companies carried out 404 so-called buy-and-build acquisitions - a strategy used by firms to merge companies in the same sector before selling the enlarged company at a later date.