Halma: BEA Sensors Group

Former CEO of BEA Sensors Amercias, a Halma Operating Company

Halma PLC

Why is this company interesting?

Halma is a UK-listed serial acquirer of niche highly engineered industrial or medical products that dominate their respective small markets.The company was founded by David Barber who pioneered the model of rolling up and integrating industrial businesses that have strong market power and durable earnings. Barber’s philosophy, which still underpins Halma’s culture today, is best explained in this short speech.

Today, Halma is structured into three sectors with 50 operating companies: Safety, Medical, and Environmental and Analysis. Each sector has ~20%+ net margin and the group aims for 16% growth in profit before tax every year, half from organic growth and half driven by acquisitions. Halma aims to acquire 15-20 profitable, high quality companies each year and between 2003-13 the company paid on average ~8x EBIT.

The 20-year FCF CAGR is 15% and the 33-year dividend per share CAGR is 5%. This has led Halma to become one of the top performing UK businesses over the last 40 years.

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Executive Bio

Steve Mills

Former CEO of BEA Sensors Amercias, a Halma Operating Company

Steve spent 10 years at BEA, the world's leading sensor manufacturer for automatic doors, a Halma operating company. Halma purchased BEA in 2002 and it remains the second largest operating company with an estimated 100m EUR sales per year. Steve had full responsibility of BEA's P&L in the US market and he reported to the BEA Group CEO in Belgium who reported to the Sector CEO.Read more

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Halma: BEA Sensors Group(January 14, 2022)

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