A common feature of any large, developed market is the hegemony of its largest participants, writes Montreux’s Oliver Harris. While it is a sensible investment strategy to identify a sector where such event-driven value creation can be found, most markets of significant scale – whether telecommunications, oil, groceries or tobacco – are already consolidated. One area noticeably overlooked by investors until recently is the fragmented UK specialist care market, which stands to offer a window of opportunity for M&A driven value uplifts.