M&A is key to strategic growth. A robust M&A strategy should strengthen existing businesses and, or, reduce the company’s earnings volatility whilst trading off other capital investments. High multiples for top companies and high investor expectations further increase the pressure on realizing value from M&A. There are some important lessons that can be learned from leading Private Equity firms who have hit upon a formula for value creation to generate large returns. Tom Shannon, who leads Bain’s global Industrial Goods & Services practice, and Jason McLinn, who leads Bain’s Chemicals practice in the Americas, facilitated a discussion with ACS CME members on what is driving success in chemicals M&A and on key disciplines that companies could implement to create operating value.