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@max_katzenstein "Building a one-stop-shop or complete solution can be a legitimate strategy for a serial acquirer. Allows for potential volume + price growth through bundling. Danaher $DHR in bioprocessing is a good example. You might also see this strategy at a market or product-specific acquirer like Novanta $NOVT or Integer $ITGR. However this kind of strategic acquisition approach has major tradeoffs. First it requires a level of centralization for coordination purposes. Second and perhaps most importantly it forces you to buy subpar businesses just to fill in your product offering gaps. Most"
X Link @max_katzenstein 2025-10-13T15:40Z XXX followers, XXX engagements

"What Halma is looking for are businesses where they can acquire the business invest time money and expertise and have the business grow at a very rapid rate - greater than XX% per year profit growth is their stated aim. - Former Halma Opco Director $HLMA $HLMA.L"
X Link @max_katzenstein 2025-10-04T20:52Z XXX followers, XXX engagements

"If a company requires huge capital investment it may no longer fit within our business model. Halma VP of M&A $HLMA $HLMA.L"
X Link @max_katzenstein 2025-10-06T12:31Z XXX followers, XXX engagements

"The tradeoff of more customization is generally lower revenue quality (e.g. recurring) but also typically a stronger moat. You see this in both engineered products and vertical software. A big part of the world we are in which is super mission-critical software in Europe oftentimes with some version of a government client is that theres this layer of customization and professional services that happens around the software. - Chapters Group $CHG.F"
X Link @max_katzenstein 2025-10-13T14:24Z XXX followers, XXX engagements

"We tend to do more work pre-LOI so by the time we get to LOI we put forward a number that we really feel good about. - Halma Division CEO $HLMA $HLMA.L"
X Link @max_katzenstein 2025-10-06T12:18Z XXX followers, XXX engagements

"Today is the 40th anniversary of the founding of Vitec Software (which makes it XX years older than $CSU) Vitec's story began with founders Olov Sandberg and Lars Stenlund who turned their passion for hobby programming into the company's first software product. $VIT $VIT.B"
X Link @max_katzenstein 2025-05-02T11:42Z XXX followers, XXX engagements

"Stable predictable revenues are very beneficial for a serial acquirer Were a utility. Nothing can get rid of us. - Willis Johnson founder of Copart $CPRT I like repeat business. Wayne Huizenga founder of Waste Management $WM We want strong captive recurring revenues. Danaher $DHR"
X Link @max_katzenstein 2025-09-15T17:49Z XXX followers, 1158 engagements

"There are typically a lot of little things that well get wrong with a deal. But over the decades weve compiled a list of the key things weve missed. So as we go forward we get smarter and smarter. And I think it really helps. Halma Division CEO $HLMA $HLMA.L"
X Link @max_katzenstein 2025-10-06T12:33Z XXX followers, XXX engagements

"The biggest risk around M&A is misreading the market. Not so much at the time of acquisition but more about where those markets are going. Halma VP of M&A $HLMA $HLMA.L"
X Link @max_katzenstein 2025-10-06T12:35Z XXX followers, XXX engagements

"EBITDA margins for serial acquirers of engineered products. Median = XX% $TDG $AME $DHR $JDG $NORBT $ITW $APH $IEX $HEI $NPO $ATCO $TMO $VLTO $TDY $HLMA $NOVT $DSCV"
X Link @max_katzenstein 2025-09-16T19:58Z XXX followers, 3699 engagements

"EBITDA margins for serial acquirers of contract manufacturers. Median = XX% $UFPT $ITGR $TVK.TO $FTG.TO $CICN.SW"
X Link @max_katzenstein 2025-09-17T19:45Z XXX followers, XXX engagements

"Looking at CAGRs for a single period can be dangerous. LVMHs trailing 10-yr operating profit CAGR in 2023 was almost 15%. But if you look deeper you see that 2004-2019 CAGR was under XX% and then there was huge growth post-pandemic. $LVMH $MC.PA"
X Link @max_katzenstein 2025-05-17T16:46Z XXX followers, XXX engagements

"EBITDA margins for sector-agnostic Swedish serial acquirers of product companies. Median = XX% $LIFCO $LAGR $ROKO $KARNEL $IDUN $BERG $VOLO"
X Link @max_katzenstein 2025-09-24T14:44Z XXX followers, XXX engagements