Applying Multiple Formatting To A Cell?

In Excel we can apply different formatting styles to the "TEXT" contents of a cell while we are in edit mode. For example we can apply "BOLD" to Brown Fox and "UNDERLINE" to lazy in a string "A quick brown fox jump over a lazy dog.

But when the above string is concatenated from the contents of various cells, excel is unable to apply different formatting (as exampled above) in the concatenated cell. Although we can apply bold, underline etc by selecting the concatenated cell but it is applied to whole string and not to the selected parts of string.

Sheet1 *A1Brown2Fox3Lazy4*5A quick Brown Fox jump over a Lazy DogSpreadsheet FormulasCellFormulaA5="A quick "&A1&" "&A2&" jump over a "&A3&" Dog"

Moreover, MS Word's "mail merge" is capable to apply different formatting to different "Fields" in a single paragraph.

Is there any way so we can apply multiple formatting to the contents of a single cell which is not "Text" but result of "concatenate" in Excel, like MS Word's mail merge or as it is applied in custom format within straight brackets like [Red] etc.