Can anyone share what the typical process looks like for investors when executing a roll-up strategy? For context, if I raise 10% from investors to acquire Business A, then later acquire Business B as part of the roll-up, how does that impact the original investors?

I assume the structure of the Business B acquisition plays a big role. For example, if it’s a zero-down, seller-financed deal, purchased using Business A’s profits, or funded with new investor capital, how would each scenario affect the original investors?