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Judges Scientific grew revenue ~22x to £136M in 16 years acquiring 25+ niche instrument businesses at 4–6x EBIT.
~21% Revenue CAGR for 16 Years Through Micro-Cap Scientific Instrument Acquisitions at 4–6x EBIT
IDEX grew revenue 32% to $3.3B sustaining 27%+ EBITDA margins by acquiring 50+ niche precision-engineering businesses.
27%+ EBITDA Margins Through Decentralized Niche Acquisition Strategy
Bunzl grew revenue 303% to £11.8B through 230+ acquisitions in specialist distribution across 32 countries.
303% Revenue Growth to £11.8B Through 230+ Acquisitions in Specialist Distribution
Lagercrantz grew revenue 2.4x to SEK 9.4B at 17.5% EBITA acquiring 85 niche companies without integrating any.
2.4x Revenue to SEK 9.4B Through Niche Technology Serial Acquisition Without Integration
Markel compounded book value ~12% annually via insurance float, equity investing, and permanent business ownership.
Markel compounded book value ~12% annually via insurance float, equity investing, and permanent business ownership
Dover's Apergy spinoff and $3B+ in divestitures expanded EBITDA margins from ~17% to ~22%.
Dover Corporation Sheds $3B+ in Non-Core Revenue to Expand Adjusted EBITDA Margins from ~17% to 22%
Valeant erased $80B in shareholder value as its debt-fueled acquisitions collapsed under fraud and pricing scrutiny.
Valeant Pharmaceuticals: The Serial Acquirer That Wasn't
Danaher grew EPS 10,000% from 1990 to 2023 by applying the Danaher Business System across hundreds of acquisitions.
10,000% EPS Growth Through the Danaher Business System Operating Model
HEICO grew revenue 4x to $3.86B through 100+ acquisitions of FAA-approved aerospace parts businesses.
HEICO Corporation grows revenue 4x through serial acquisitions of FAA-approved alternative parts makers
Nordson grew EBITDA 44% to $849M while expanding margins from 27% to 32% across four acquisitions totaling $2.4B.
EBITDA Expansion Through Serial Acquisition of Precision Industrial Niches
Intertek doubled revenue to £3.3B from 2010 to 2023 by acquiring testing labs in regulated markets.
Intertek doubles revenue to £3.3B over 13 years through regulated TIC acquisitions
Rollins grew revenue 69% to $3.1B in five years through ~200 acquisitions and systematic annual price increases.
Rollins grows revenue from $1.8B to $3.1B in five years through acquisition-led route density and pricing power
Fortive more than doubled recurring revenue and expanded margins 500 bps to 26% by pivoting its portfolio to software.
Revenue Model Shift: From 16% Recurring Revenue to Software-Led Portfolio via $7B+ Acquisitions
Comfort Systems turned HVAC roll-ups into a $7B data center play, nearly tripling revenue and nearly doubling margins.
Comfort Systems USA triples revenue and doubles margins by rolling up HVAC contractors into the data center boom
Gallagher grew revenue 65% to $11.4B by closing ~33 acquisitions per year alongside 5–9% organic growth.
Revenue Scaled to $11.4B Through Disciplined Acquisition Roll-up
HEICO grew revenue 153% to $3.9B by acquiring 100+ niche aerospace parts businesses at sustained 21% margins.
153% Revenue Growth Through Serial Acquisition of Niche Aerospace Parts Businesses
Addtech grew to SEK 22B revenue and 15% EBITA margin by acquiring 200+ niche-tech companies in 20 countries since 2001.
15% EBITA Margin at SEK 22B Revenue Through Niche-Tech Acquisition Roll-up
AMETEK grew adjusted EPS 13% annually for six years by deploying a lean operating model across 100+ niche acquisitions.
13% Adjusted EPS CAGR Through Systematic Lean Manufacturing Across 100+ Acquisitions
TransDigm reached 54% EBITDA margins in aerospace by acquiring sole-source parts and applying value-based pricing.
54% EBITDA Margins Through Sole-Source Aerospace Parts and Value-Based Pricing
Halma grew revenue 5x to £2.2B over 15 years through 46 consecutive dividend increases and ROCE-gated acquisitions.
5x Revenue Growth Through ROCE-Gated Acquisitions and Radical Decentralisation
Roper grew FCF per share at 16% CAGR by pivoting from cyclical industrial to 75% vertical market software.
Industrial-to-Software Pivot Delivering 16% FCF Per Share CAGR
Brown & Brown grew revenue 20x to $4.8B in 25 years by acquiring 500+ independent insurance agencies.
Revenue Growth Through Serial Insurance Agency Acquisitions
Indutrade grew revenue 4.8x to SEK 32B by acquiring 200+ Nordic technical distributors without integrating them.
SEK 32B Revenue Through 200+ Non-Integrated Acquisitions Across Northern Europe
Diploma grew revenue 6x to £1.4B over 14 years by requiring 20% ROATCE in year one on every acquisition.
6x Revenue Growth Through 20% ROATCE Acquisition Discipline
Lifco sustained 23% EBITA margins across three unrelated segments by acquiring 139 niche businesses since 2006.
23% EBITA Margins Sustained Across Three Unrelated Segments Through Serial Acquisition
Constellation Software turned $25M into $70B market cap through 800+ VMS acquisitions over three decades.
Scaling from CAD $25M to CAD $70B+ Market Cap Through Serial VMS Acquisitions