This research aims to explore how industrial acquirers such as Lifco and Halma structure and incentivise its M&A team. As with most public companies, the incentive structure for the second tier of management and M&A staff is often undisclosed. We believe such insight can provide valuable perspective into a company’s philosophy. Over the last few months, we’ve interviewed various Former M&A Executives and Divisional or Sector Managers to explore various questions. 

For example, how does Halma split responsibilities between its Sector M&A Teams and Divisional Chief Executives? 

How does Lifco pay M&A staff? 

How much does each company balance deploying capital with the multiples paid? 

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