SAC Research @acquirers_club Twitter profile

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SAC Research

3 years

Welcome to the Club! For investor insights on the business models and superior economics of the world’s best serial acquirers… look no further.

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SAC Research

@acquirers_club

3 years

Aside from $CSU.TO, what’s your favourite rollup / serial acquirer?

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SAC Research

@acquirers_club

8 months

Searching for quality VMS serial acquirers beyond the Constellation Software family $CSU $TOI $LMN? Look no further than these below-the-radar stocks: Thread 🧵

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SAC Research

@acquirers_club

2 years

Here’s the list of serial acquirers with >10% insider ownership, ranked by last year’s ROE Swedish industrial compounders leading the way $ADDT $LAGR $LIFCO

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SAC Research

@acquirers_club

2 years

If you like Lifco then you’ll want to check out Roko AB Similar business model and managed by former Lifco CEO Fredrik Karlsson Due to IPO this year! 🇸🇪

Quartr

@Quartr_App

2 years

Are you familiar with $LIFCO? A $10B serial acquirer and perpetual owner of niche high quality businesses within three core segments (detailed below). Since its IPO in 2014, Lifco has returned ~9x. 10-year CAGRs: Revenue +13% EBIT +19% ROIC (avg) 21%

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SAC Research

@acquirers_club

7 months

Serial acquirers, unsurprisingly, are a major theme in my portfolio👇 Anyone else get near 85% concentration?

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SAC Research

@acquirers_club

1 year

According to Fredrik Karlsson, former CEO of Lifco AB, the two best-suited businesses for the serial acquirer model: 1/ Vertical market software ($CSU, $TOI, $VIT) 2/ Aftermarket aerospace parts ($TDG, $HEI) Any sectors that are missing?

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SAC Research

@acquirers_club

2 years

Just found Brett Kelly’s $KPG.AX shareholder letters filled with serious value bombs! Latest mail references Buffett, @CunninghamProf , Constellation Software, serial acquirer’s sources of extraordinary performance, @chriswmayer 100 baggers and more…

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SAC Research

@acquirers_club

2 years

Among other reasons $TOI.V should continue to scale quicker than CSU due to the “significantly more fragmented European VMS market” More borders, more language barriers, more regulation… more opportunity! @AA_21000000

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SAC Research

@acquirers_club

7 months

One of the most under-appreciated qualities of great serial acquirers? Providing a permanent home and safe harbour for entrepreneurs to sell their life’s work Usually more than important than price! $CSU $TOI $SFT $LIFCO $BERG $LAGR $ADDT $INDT

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SAC Research

@acquirers_club

2 years

Thoughtful analysis by @_inpractise on not just the value of gross and operating margins but also the variance of those margins over time, and how that feeds through to returns on capital. Comparing B2B distributors $WSO, $FAST, $POOL and Addtech

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SAC Research

@acquirers_club

2 years

$ONEW acquisitions have fuelled growth from 1 to 95 retail locations. 27 boat dealers acquired and 50 locations added since 2017 - a period where they achieved 33% CAGR in revenue and 72% CAGR in Adj EBITDA. And with 4,300+ dealerships nationwide there’s still plenty of runway

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SAC Research

@acquirers_club

1 year

🇬🇧 $HLMA.L full year results are out with its 20th consecutive year of record profit 7 bolt-on acquisitions during the period for circa £400M

Quartr

@Quartr_App

1 year

Are you familiar with $HLMA? This British serial acquirer has been an incredible long-term performer, returning 100,000%+ (excl. dividends) since 1988. → In 1997, David Barber, Halma's co-founder, long-term CEO and at that time Chairman, gave a speech describing the group's

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SAC Research

@acquirers_club

2 years

Interview with #SDI Group’s CEO Mike Creedon covering: ✔️Personal motivations, incentive and small SDI shareholding ✔️Comparisons with Judges and Halma’s models ✔️Acquisition DD and operating methodology ✔️Types of niche manufacturing businesses

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SAC Research

@acquirers_club

2 years

Which serial acquirer model do you prefer and why?

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SAC Research

@acquirers_club

2 years

Looking to compile a list of the world’s best capital allocators. Ideally track record of 20+ years Warren Buffett $BRK Henry Singleton, Teledyne Mark Leonard, $CSU Who would you add?

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SAC Research

@acquirers_club

11 months

$LIFCO is up there with the best serial acquirers of all time. It’s excelled in running a decentralised model, harnessing an entrepreneurial culture and allocating capital at increasing scale. A thorough analysis on its next chapter. Better late than never @Redeye_ 😉

Redeye

@Redeye_

11 months

Redeye initiates coverage of Lifco, an increasingly sector-agnostic serial acquirer. We see Lifco evolving to accommodate an increasing number of M&A deals and subsidiaries, boding well for its future growth prospects. $LIFCO

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SAC Research

@acquirers_club

2 years

Surprising, I know, but here’s a thread all about serial acquirers 👏 Acquirers come in all shapes and sizes with no single formula for guaranteed success. But there are a few common traits the best acquirers share🧵

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SAC Research

@acquirers_club

9 months

Brand new UK serial acquirer of niche industrial businesses In the mould of Swedish powerhouses $LIFCO, $LAGR and $BERG Great team and ambition - excited to see where this one goes 🇬🇧

Jon BK

@JonBK1

9 months

Thanks for the interview on n Industries @SerialAcquirers - really enjoyed the discussion!

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SAC Research

@acquirers_club

11 months

“The best thing a human being can do is to help another human being know more” You certainly did that. And some. RIP

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SAC Research

@acquirers_club

1 year

$LAGR.B Lagercrantz, one of Sweden’s leading serial acquirers, has posted another strong quarter. It’s on track this year to meet its 25/26 profit target of 1bn SEK. Just another demonstration of the power of these models if done well 🚀

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SAC Research

@acquirers_club

2 years

Excellent synopsis on the qualities of top-performing serial acquirers, with firsthand insight from some of the leading Swedish outfits 👏 Definitely attending the next Redeye event!

Learnings from Swedish Serial Acquirers

Thanks to supporters of this publication and the feedback on Twitter, I had the chance to attend the Redeye Serial acquirers themed event in Stockholm. Today, I reflect on what makes them successful.

partnershipinvesting.substack.com

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SAC Research

@acquirers_club

11 months

Fun fact! Out of 66 European ten-bagger stocks over the last decade, 7 were serial acquirers from Sweden 🇸🇪🇸🇪🇸🇪 Can you name all 7 of these Scandinavian compounders?

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SAC Research

@acquirers_club

7 months

High quality vertical software business 🇩🇪

StockOpine

@Stock_Opine

7 months

To celebrate 4,000 subscribers, we have unlocked our Nemetschek $NEM.DE article for one week based on our subscribers' feedback. If you're interested in learning more about the company or our newsletter, please refer to the link in the next post.

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SAC Research

@acquirers_club

1 year

$TEQ Q2 report out now in English! DM me if you would like a copy

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SAC Research

@acquirers_club

2 years

Roll-ups and acquirers, such as $CSU, $DHR and #DPLM , have good defensive qualities. They offer downside protection in tougher conditions, and yet still perform well during bull markets. Hard to imagine why you wouldn’t own them as part of a balanced portfolio!

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SAC Research

@acquirers_club

7 months

Great event @Redeye_ Lifco and Chapters Group were stand outs

The Compounding Tortoise

@CompTortoise

7 months

Part I on this extremely insightful event has just been published. Talking about the serial acquirer model (valuations, M&A trends) and the $LIFCO pitch. On March 6th, 2024 @Redeye_ hosted its annual serial acquirer event. At Redeye, they provide content which is of insanely

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SAC Research

@acquirers_club

2 years

WSE-listed Sygnity #SGN making big strides since $CSU TSS division acquired 72% shares. Company will be kept public and used as an M&A vehicle for the CEE region. One insider explained how its like buying a mini-Constellation for a very cheap valuation 🤔

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SAC Research

@acquirers_club

7 months

Found this fascinating.. particularly how (and why) younger serial acquirers adopt more aggressive acquisition accounting practises than the proven old timers I can see this coming back to haunt them later in the cycle $TEQ $LIFCO $LAGR $BERG

In Practise

@_inpractise

7 months

New interview with Former CFO at Teqnion discussing Purchase Price Accounting by serial acquirers like $TEQ $csu $lifco The differences in policies between companies can distort earnings and may prove tricky as organic growth slows

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SAC Research

@acquirers_club

2 years

$TEQ just released their 2022 annual report in Swedish. If anyone would like an English copy then happy to share (DM‘s open)

Quartr

@Quartr_App

2 years

10. $TEQ.ST ($300M) has also become somewhat of a FinTwit favorite, and looking at the their track record and corporate culture, we can understand why. Since its IPO in 2019, Teqnion is a 5-bagger.

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SAC Research

@acquirers_club

2 years

Record full year results from $JDG. In addition to the big acquisition of Geotek: ✔️ organic growth up 8% ✔️ adjusted operating profit up 60% ✔️return on incremental capital @ 21% ✔️healthy order book for 2023 Would like to see more cash retained and less divi though

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SAC Research

@acquirers_club

1 year

$LAGR 🇸🇪 just posted another strong set of numbers for Q1: It includes a 35% increase in operating profit and record EBITA margins The Nordic juggernaut has hit its target of 1B SEK net profit on an annual run rate basis Great execution once more 👏

Quartr

@Quartr_App

2 years

5. $LAGR ($2.2B) is one of the legendary Bergman & Beving companies – an OG serial acquirer. Much like Addtech, Lagercrantz is focused on companies in a wide range of high-tech niches.

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SAC Research

@acquirers_club

2 years

Latest thoughts on a serial favourite $JDG

Judges Scientific: 2022 Earnings, Concentration Risks and Growth Strategy

In March, Judges Scientific (LON:JDG) released a strong set of earnings for 2022.

sacresearch.substack.com

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SAC Research

@acquirers_club

2 years

Notes from the #Redeye serial acquirer event in Stockholm $JDG $LAGR $BERG $VOLO $BOREO $SDIP and many more

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SAC Research

@acquirers_club

6 months

Solid trading update from $SFT.L ✔️ Revenue up 40% ✔️ operating profit up 100% ✔️ divested unprofitable units ✔️ cash runway until end 2024 Business model of acquiring quality niche software companies is starting to reap rewards

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SAC Research

@acquirers_club

2 years

Comparing 🍆 $LIFCO $ADDT $INDT $LAGR #Roko

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SAC Research

@acquirers_club

3 years

Some of our favourite investors / investment writers on fintwit: @FocusedCompound @MoS_Investing @Picolinie @frankinvesting @Scuttlebutt_Inv and of course @SerialAcquirers . Who would you add to the list?

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SAC Research

@acquirers_club

2 years

Swedish serial acquirers in the limelight again thanks to @chriswmayer Talking about his visits to the 2 he owns Lifco and Teqnion and the business attributes he hopes will serve them well long term

Notes from Stockholm

Observations on my recent trip, in no particular order.In Sweden, there are a number of what investors call “serial acquirers.” I own two, Lifco and Teqnion. And I visited both while I was there. But...

www.woodlockhousefamilycapital.com

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SAC Research

@acquirers_club

2 years

Bergman & Beving is the OG of Swedish serial acquirers. New CEO Magnus Soderlind says B&B’s opportunity set is greater than his former company Lagercrantz where he spent 13 years helping drive shareholder returns of 2,300%! @_inpractise

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SAC Research

@acquirers_club

2 years

So $DPLM just issued 9.2M shares to raise funds for - at least in part - the acquisition of Tennessee Industrial Electronics. In a famous 1997 speech David Barber, founder of $HLMA, said: ‘[If you have a wonderful business] why share the ownership with anyone else?’ 🤔

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SAC Research

@acquirers_club

8 months

Chapters Group $CHG 🇩🇪 Formerly Mediqon, Chapters is a German group of 33 mission critical service companies underpinned by digital technology. Led by star CEO Jan Mohr who recently featured on the Art of Investing podcast. €82M revenues, €21M EBITDA

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SAC Research

@acquirers_club

1 year

PE’s day of reckoning is here? Interested to see how much $CSU $TOI benefits in current macro environment, particularly if higher interest rates persist Juiced acquisition multiples by Constellations PE-backed competitors must be under pressure

Why rising interest rates risk turning private equity into the next ‘Ponzi scheme’

City grandees believe the industry faces a reckoning after an ‘extraordinary 40-year run’

www.telegraph.co.uk

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SAC Research

@acquirers_club

1 year

$TEQ more heavyweight investors getting involved in this Swedish small cap Looks like gloves are off for new acquisitions 🥊

Daniel Zhang

@CXODanielZ

1 year

Happy that we, Teqnion brought in ~175 Msek in fresh money that will be used for acquiring new splendid companies, without any broker (we keep 99,7%). Thanks to Akre Capital, @chriswmayer , @Spiltan , Phoenician and P&R!

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SAC Research

@acquirers_club

1 year

$JDG.L half year trading update 🇬🇧 Results driven by organic growth again (up 17% yoy) and a record order book Geotek weighted towards H2 so more to come Tremendous business resilience given macro headwinds

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SAC Research

@acquirers_club

1 year

Love this highlight from $CSU’s shareholder meeting. The Board demonstrating their approach to continuous improvement by analysing the competitive threats in different end markets Wouldn’t mind seeing the report on their learnings 👀

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SAC Research

@acquirers_club

2 years

Is this the greatest source of competitive advantage for $CSU? And does it make up for the scale dis-advantages (capital deployments, hurdle rates etc)? @_inpractise

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SAC Research

@acquirers_club

2 years

$JDG.L another exec appointment from Halma 👀 Looks like the role with be working with David to find new acquisitions

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SAC Research

@acquirers_club

1 year

$JDG.L small acquisition for Judges But very interesting in that it’s a bolt-on to one of their existing subsidiaries Dia-Stron Wonder whether we’ll see more like this? Taking a leaf out of the $CSU playbook?

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SAC Research

@acquirers_club

11 months

🇬🇧 FTSE 100 newcomer $DPLM.L reported a strong set of year-end numbers: ✔️ Revenues up 19% (org growth of 8%) ✔️ Adj. op margin up 80 bps to 19.7% ✔️FCF up 36% ✔️ROATCE up 80 bps to 18.1% ✔️ Leverage down to 0.9x It made 12 acquisitions during the period for a total of £280M

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SAC Research

@acquirers_club

1 year

Solid updates from a number of the Nordic juggernauts 🇸🇪 Consistently high M&A activity with a number choosing to fill their coffers ahead of further acquisitions $BERG $TEQ $LIFCO $LAGR $VIT $SDIP $MMGR

Niklas Sävås

@NiklasSavas

1 year

End of quarter and time for another of our serial acquirer updates! As always we comment on a select number of companies and this time we discuss cash conversion and our findings from the book Capital Returns.

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SAC Research

@acquirers_club

7 months

@IamScottlarson Diploma $DPLM.L is boring as it comes as a distributor of nuts, bolts, washers etc

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SAC Research

@acquirers_club

11 months

Look forward to listening to this one with Judges Scientific’s David Cicurel $JDG.L

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SAC Research

@acquirers_club

2 years

$TOI the bottom line: “Topicus is standing on the shoulders of a giant...”

Edelweiss Capital

@Edelweiss_Cap

2 years

My investment thesis on $TOI $TOI.V $TOITF The first spin-off from $CSU has a demanding heritage to live up to. With plenty opportunities and challenges ahead, markets are discounting an extraordinary execution.

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SAC Research

@acquirers_club

6 months

$CSU $TOI ‘helping thousands of investors sleep well at night’

Michael Gielkens

@MichaelGielkens

6 months

Topicus with some very good figures here. $TOI.V Winners keep winning :)

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SAC Research

@acquirers_club

2 years

If it wasn’t already clear that systematic & regular small to mid sized acquisitions help produce outperformance… @IChronicle

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SAC Research

@acquirers_club

1 year

🇸🇪 Home to many of the best long term compounders Aside from 20 years ago (or last year perhaps), now’s the next best time to buy

Arne Ulland

@ArneUlland

1 year

Swedish Krona now All Time Low. The message below still applies.

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SAC Research

@acquirers_club

11 months

Safe to say that M&A runways are not the biggest concern for serial acquirers

Adnan Hadziefendic

@adnaninvest

11 months

"When are they running out of companies to buy"? I often get the question about how long the growth runway is for acquisition-driven compounders and how many companies they can find and acquire. A short 🧵about the subject.

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SAC Research

@acquirers_club

2 years

Latest piece on Swedish serial acquirer Bergman & Beving. Looks at the impact of the new CEO and the challenges he faces in revitalising the legacy B2B industrial businesses.

Reflections on Bergman & Beving's investment case

Including history of the Nordics B2B distribution market and B&B's Luna Group

sacresearch.substack.com

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SAC Research

@acquirers_club

11 months

Great to hear a high-quality podcast episode all about serial acquirers @chriswmayer references some of the best in the business: $CSU $TOI $BRO $HEI $LIFCO $TEQ

Chris Mayer

@chriswmayer

11 months

Talking all about serial acquirers with Kyle Grieve @IrrationalMrkts !

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SAC Research

@acquirers_club

2 years

Punchy set of results for UK’s #SDI Group - a leader in digital imaging solutions. After recent pullback now only trading on forward 2023 P/E of 14.. not bad for a company consistently growing EBITDA at 50% plus!

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SAC Research

@acquirers_club

1 year

Serial acquirers research update from @Redeye_ Good in-depth review of B&B, it’s recent acquisitions, updated business revenue mix, and positioning for a recession given it’s exposure to cyclical areas of the market

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SAC Research

@acquirers_club

2 years

Good looking line-up at the #Redeye Serial Acquirer event tomorrow

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SAC Research

@acquirers_club

8 months

Excellent commentary on $TEQ Bad quarter sure, worth sifting through the rubble though

Kip Johann-Berkel

@BerkelKip

8 months

Teqnion $TEQ / $TEQ.ST reported 4Q23 results this morning. See @alexeliasson post (below) for high level results. A few other details: 1) 2023 had some non-recurring costs while '22 was boosted by some non-recurring items - if you wish to "normalize" these:

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SAC Research

@acquirers_club

7 months

$CSU running a different race

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SAC Research

@acquirers_club

6 months

@_inpractise $SDI.L interview with former SDI Group CFO who worked alongside ex CEO Mike Creedon during Covid Good insight on: - Acquisition checklist & diligence - Business quality & growth - Accounting treatments & write downs - Monmouth case study - Future prospects

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SAC Research

@acquirers_club

6 months

$CSU Q1 solid headline numbers

The Compounding Tortoise

@CompTortoise

6 months

Constellation Software report Margin expansion! $CSU standalone (ex. $TOI.V and $LMN.V) Q1 revenues up 22% y-o-y, Q1 EBITA up 31% Total consolidated revenues up 23%, of which 3% organic (constant FX), consolidated EBITA up almost 33%… Cash flow seems light but that’s timing

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SAC Research

@acquirers_club

2 years

Under-the-radar serial acquirer $NEM

Heavy Moat Investments

@stonkmetal

2 years

The more I look into @nemetschekgroup stock, the more I like it $NEM Quality certainly is there, now for the number crunching part to see if I'll join @long_equity @Quality_stocksA and others as a shareholder

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SAC Research

@acquirers_club

8 months

$JDG.L when all you want is a big unwarranted drop so you can buy some more 😏

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SAC Research

@acquirers_club

2 years

Decentralized structure, disciplined acquisition multiples, dispersed capital allocation, systematic process and cultural attributes. This aptly describes Roper $ROP but could equally apply to many large serial acquirers

Teemacsj

@Teemacsj

2 years

Good, succinct summary of $ROP by Morningstar. Unlike research from the Street, they do a good job of explaining the heart of the moat.

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SAC Research

@acquirers_club

1 year

$CSU with plenty of attractively-priced small and mid cap targets in the public markets universe Not to mention the corporate carve outs! Constellation 2.0 is looking interesting

JGGCDN

@JGGCDN

1 year

Constellation Software $CSU.TO has taken an 18% stake in kiwi tech company Eroad and is seeking to buy the remaining shares in a bid valuing the company at $147 million.

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SAC Research

@acquirers_club

8 months

Sygnity $SGN 🇵🇱 Polish IT company which is in fact part of the CSI family, being majority owned by TSS / Topicus. Less known that it’s larger cousins, it mainly supplies Polish enterprise and government clients but is expanding into new markets. $73M revenues, $16M EBITDA

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SAC Research

@acquirers_club

2 years

@CJ0pp3l $JDG.L => Track record of disciplined capital allocation and focus on quality niche businesses is outstanding

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SAC Research

@acquirers_club

2 years

Two impressive facts about great serial acquirers: 1/ Faster growth - growing revenues and profits often 2-3 times as fast as their non-acquisitive rivals 2/ Stronger returns - nearly double the total shareholder returns of their peers over a 15 year period

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SAC Research

@acquirers_club

8 months

Vitec Software $VIT-B 🇸🇪 Leading Swedish software group focused on growing SaaS businesses in the Nordics. Current portfolio of 41 companies spanning laundry management systems to equity trading platforms. $250M revenues, $56M EBITDA

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SAC Research

@acquirers_club

8 months

Wonderful illustration of strategic acquisitions of dominant niche companies In areas of the market where competitive dynamics are not well understood $DHR $SRT

In Practise

@_inpractise

8 months

pretty interesting answer from Former $DHR exec

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SAC Research

@acquirers_club

8 months

Great visual of $LAGR growth It’s been on a tear since 2022 showing that size is no hindrance thanks @Redeye_ @NiklasSavas

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SAC Research

@acquirers_club

2 years

@SerialAcquirers enjoyed this interview with the former CEO of Indutrade in Sweden. A remarkable 22% CAGR for 15+ years and many important insights into running a high-performing compounder.

Johnny Alvarsson Interview – building Indutrade

"we had a German firm where the CEO was 65 years old. He had always had a 10% profit margin. And then suddenly, his margin began to rise. I got suspicious..."

www.acquirers.com

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SAC Research

@acquirers_club

8 months

Another predictably good result 🙄 $CSU

Michael Gielkens

@MichaelGielkens

8 months

Constellation Software $CSU $CSU.TO just reported. Looks like another banger quarter from this Canadian compounder. Look at that two month acquisition spend for 2024! Another excellent year in the making.

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SAC Research

@acquirers_club

7 months

$BERG family

Rustum

@AmsterdamStock

7 months

Bergman & Beving share price development over the last year vs the other B&B constellation companies. What company of the B&B constellation do you prefer at the moment and why? $BERG $ADDT $LAGR $ALIF $ALLIGO $MMGR

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SAC Research

@acquirers_club

2 years

Likely reason for today’s sell off $TEQ

Galician Investor Quality Research

@GaliciaInvestor

2 years

$TEQ Teqnion. Me preguntáis por privado por la caída de hoy de Teqnion (12%). Esta es la razón, un “análisis” en un periódico sueco que cree que la acción debería de caer más de un 20% en los próximos dos años, sin motivo aparente. A ver si el informe tiene fuerza y la deja

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SAC Research

@acquirers_club

11 months

Candor, transparency and contrarianism at its best $CSU Reminds me of Will Thorndike’s The Outsiders. Time for a new edition with another chapter?

Giuliano

@Giuliano_Mana

11 months

Mark Leonard is the most peculiar businessman I have ever read. Some extracts from his letters showing why:

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SAC Research

@acquirers_club

2 years

Decent write up on $JDG.L in ⁦⁦ @MoneyWeek ⁩ Stock just hit new ATH at £100 on the back of strong earnings expectations for opcos like Geotek

Take a measured approach to growth

Judges Scientific is a global scientific-instrument company with a strong position in niche markets

stocks.apple.com

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SAC Research

@acquirers_club

7 months

Definitely worth keeping an eye on $SDI reports in May so we should get a read on how bad (or not) things are My sense is the bad news is already baked in

Lion-Cubs | Small-Cap Stocks

@LionCubsFund

7 months

🇬🇧 SDI Group $SDI.L SDI (Scientific Digital Imaging) Group is a UK micro-cap serial acquirer. Once a pandemania darling, the stock is now 71% off its all time high of 215p due to a perfect storm of bearish factors: - an overpriced acquisition - pandemic overstocking dampening

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SAC Research

@acquirers_club

2 years

$DPLM.LN interview with a former Managing Director So many great takeaways… @_inpractise

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SAC Research

@acquirers_club

3 years

Technical analysis is not our forte but is that a head-and-shoulders pattern in the Topicus chart? Could be a drop and buying opportunity below $80 soon.

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SAC Research

@acquirers_club

2 years

Strong writeup on #KWS another British serial acquirer of the highest quality. Keywords Studios: A Leading Serial-acquirer in the Gaming industry, by @PartnershipInv

Keywords Studios - Serial-acquirer in the Gaming industry

KWS is consolidating outsourced service providers at a rapid pace. Its scale advantage and high barriers to entry provides it with an incredible moat resulting in a >1500% return over a decade.

partnershipinvesting.substack.com

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SAC Research

@acquirers_club

2 years

Major acquisition by Judges Scientific #JDG representing approx 1/6 of their market cap. Geotek, a specialist provider of geological measurement devices, is materially earnings enhancing and the first acquisition to derive “a substantial portion of revenues from services”. 👏

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SAC Research

@acquirers_club

1 year

@FairwayResearch The quality of businesses that JDG buys seems to be higher than SDIs. I think JDG has passed on acquisitions that SDI have gone on to make. Will be interested to see if that shows up in your analysis.

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SAC Research

@acquirers_club

8 months

Omda AS $6Q1 🇳🇴 Formerly CSAM, Omda is a collection of 15 healthcare software businesses. It’s operated in a decentralised way similar to CSI but not yet profitable. It does have the ability to significantly raise margins in the coming years. $37M revenues, 27% EBITDA margin

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SAC Research

@acquirers_club

8 months

Software Circle $SFT.L 🇬🇧 British vertical software acquirer with portfolio of 6 opcos. It’s still a micro cap under $100M so plenty of room to grow. Recently raised fresh funds for its next wave of acquisitions. Jan Mohr sits on the Board as Chairman. £16M revenues, £3M EBITDA

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SAC Research

@acquirers_club

9 months

Incredible company with remarkable growth in recent years, in large part due to the size (and success) of acquisitions like WCW. Long term shareholders may have preferred less dilution but I doubt they’re complaining too much.

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SAC Research

@acquirers_club

6 months

PE discovered the power of long term investing and industry roll-ups

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SAC Research

@acquirers_club

2 years

Profitable, well-run companies: opcos need to well managed and profitable for profits to flow back to corporate for further acquisitions. They can even be enhanced by the backing of a strong parent. Exponents of this ‘buy and build’ strategy include Watsco $WSO and Judges $JDG.

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SAC Research

@acquirers_club

8 months

$TOI dividend #BringItOn

Adrián, Head of the arena 

@adrivalue

8 months

I'm reading plenty of critics about $TOI.V paying $200m in special dividends C'mon guys, this isn't the first time it's happened $CSU.TO paid a special div of $400m+ in 2019. Shares x4 since then Special divs impose discipline on capital allocation. Let them do their thing

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SAC Research

@acquirers_club

8 months

Some of my favourite acquisition-driven compounders

Invest In Assets 📈

@InvestInAssets

1 year

6 Boring Quality Businesses 📊 1. DSV 2. Danaher Corp 3. Mettler Toledo 4. Terravest Capital 5. Waste Management 6. Alimentation Couche Tard Boring is subjective, but these stocks are unlikely to be featured on CNN as "hot". Let's take a look:

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SAC Research

@acquirers_club

2 years

Good insight into Judges’ #JDG acquisitions and comparison of their strategy and end-markets with those of VMS acquirers like $CSU Diversification through its portfolio of opcos and increasing service recurring revenue are critical to future returns

In Practise

@_inpractise

2 years

IP WEEKLY: Judges Scientific, Geotek, & GDS Instruments Full write up for FREE @_inpractise In 2005, a guy started with a blank check and started buying scientific instrument companies. 17 years, 22% FCF per share CAGR and 81x later, $JDG.LN is a pretty special company...

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SAC Research

@acquirers_club

2 years

@sidecarcap Mark Leonard $CSU

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SAC Research

@acquirers_club

2 years

We’re studying a few UK buy-and-builds like #JDG and #TUNE . They make only few acquisitions in a 5-year period but focus on complementary business lines and organic growth at 5-10%. Is this a less effective acquisition strategy than $CSU or #HLMA ?

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SAC Research

@acquirers_club

2 years

Enjoyed listening to Judges’ CEO David Cicurel discussing: - first half results (ahead of expectations) - attractions of the Geotek business (largest acquisition #JDG paid 7 times earnings for)

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SAC Research

@acquirers_club

2 years

@MoS_Investing Best time to buy Topicus is today!

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