Acquisition in the construction industry
The term 'acquisition' is a very broad one that refers to the process of acquiring all, or part of a tangible or intangible asset or capability.
In the construction industry, acquisition might refer to:
- The acquisition of one company by another.
- Site selection and acquisition.
- Land acquisition.
- Compulsory acquisition.
- The acquisition of skills.
- The acquisition of other services or assets, such as plant acquisition.
STAR Procurement (a shared procurement service for Rochdale, Stockport, Tameside and Trafford Councils), Glossary of Terms, published in May 2019, suggests that acquisition is a wider concept than procurement: ‘…it is the over-arching ‘whole life-cycle’ process, of which the procurement process is a sub-section. Involving suppliers in acquisition; particularly in the pre-procurement phase can add value to the procurement process.’
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