It would seem so, although there's a distinction between (1) being acquired for the product/team vs. (2) being acquired by a private equity firm. For case (1), you would want to build a mittelstand product that is strategically aligned with the acquirer. For case (2), you would want to build a mittelstand business that with consistent and reliable earnings/dividends.
Perhaps I'm forgetting another type of acquisition, but these are the two that I can think of off the top of my head.
