Halma, Judges Scientific, SDI, & Scaling Niche Manufacturing Serial Acquirers

In Practise Analysis


Halma is a best-in-class serial acquirer for niche manufacturing businesses. In 1972, David Barber founded the company with a clear set of principles to grow by acquisition:

  1. Use internally generated cash, not equity
  2. Buy similar businesses that you already own
  3. Focus on bolt-ons or quasi-bolt-ons, rarely move into new areas

Since then, HLMA has compounded EBIT 15.3% and dividend per share ~4% for almost 50 years.

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