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[@max_katzenstein](/creator/twitter/max_katzenstein)
"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](https://x.com/max_katzenstein/status/1968041916328452104) [@max_katzenstein](/creator/x/max_katzenstein) 2025-09-16T19:58Z XXX followers, 3784 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](https://x.com/max_katzenstein/status/1975177671245004906) [@max_katzenstein](/creator/x/max_katzenstein) 2025-10-06T12:33Z 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](https://x.com/max_katzenstein/status/1975173939182944460) [@max_katzenstein](/creator/x/max_katzenstein) 2025-10-06T12:18Z 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](https://x.com/max_katzenstein/status/1975177184122663183) [@max_katzenstein](/creator/x/max_katzenstein) 2025-10-06T12:31Z 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](https://x.com/max_katzenstein/status/1975177990083399905) [@max_katzenstein](/creator/x/max_katzenstein) 2025-10-06T12:35Z XXX followers, XXX engagements


"Not surprising to see the correlation between proprietary products and gross margins at Swedish serial acquirers. Interesting to see the major portfolio shift at Bergman & Beving $BERG.B. $ADDT $LAGR $LAGR.B $LIFCO.B $LIFCO"  
[X Link](https://x.com/max_katzenstein/status/1914499206909394975) [@max_katzenstein](/creator/x/max_katzenstein) 2025-04-22T01:59Z XXX followers, 2550 engagements


"Trailing 15-yr organic growth (mean vs standard deviation) for a selection of high-quality serial acquires. CSU has noticeably slower growth. Judges has noticeably higher variance. $JDG $JDG.L $LAGR.B $LAGR $VIT.B $VIT $HLMA $HLMA.L $LIFCO $LIFCO.B $HEI $CSU $CSU.TO"  
[X Link](https://x.com/max_katzenstein/status/1917590693444260019) [@max_katzenstein](/creator/x/max_katzenstein) 2025-04-30T14:43Z XXX followers, 6079 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](https://x.com/max_katzenstein/status/1967646898157916526) [@max_katzenstein](/creator/x/max_katzenstein) 2025-09-15T17:49Z XXX followers, 1168 engagements


"EBITDA margins for serial acquirers of contract manufacturers. Median = XX% $UFPT $ITGR $TVK.TO $FTG.TO $CICN.SW"  
[X Link](https://x.com/max_katzenstein/status/1968400818677407889) [@max_katzenstein](/creator/x/max_katzenstein) 2025-09-17T19:45Z 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](https://x.com/max_katzenstein/status/1970861972787773874) [@max_katzenstein](/creator/x/max_katzenstein) 2025-09-24T14:44Z 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](https://x.com/max_katzenstein/status/1974578403488747590) [@max_katzenstein](/creator/x/max_katzenstein) 2025-10-04T20:52Z XXX followers, XXX engagements


"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](https://x.com/max_katzenstein/status/1977761362274070720) [@max_katzenstein](/creator/x/max_katzenstein) 2025-10-13T15:40Z XXX followers, XXX engagements