SAC Research
@acquirers_club
Investment insights on the world’s best serial acquirers and compounders. $BRK $DHR $CSU $TDG $DPLM.L $JDG.L and more. Substack 🔽 Open to DMs & great ideas!
Welcome to the Club! For investor insights on the business models and superior economics of the world’s best serial acquirers… look no further. serialacquirersclub.substack.com/p/welcome-to-t…
#Sygnity S.A. $SGN.WA announces preliminary consolidated results for the period 1 January–30 June 2025: 📈 Revenue: ~PLN 158.4 million ⚙️ EBITDA: ~PLN 43.7 million 💰 Gross profit: ~PLN 38.2 million 🏆 Net profit: ~PLN 30.6 million Q2/2025 YoY dynamics: Revenue:…
New memo out on $JDG.L. I don’t currently own this, but wanted to put out the summary memo from my research. seekingwinners.substack.com/p/judges-scien…
Very good points. The risks for $ROKO here appear far greater than their longer-tenured peers
Imho Roko $ROKO-B.ST should not trade at a premium to Lifco $LIFCO-B.ST or Addtech $ADDT-B.ST yet here we are... 30.7x EV/EBITA for Roko (32.7x if including the deferred payments for acquisitions) vs. 28.3x & 29.0x. FWIW, here are some of my comments on Roko:
$JDG.L management have generated 22% incremental returns on capital over the last decade by my estimates. Estimated by comparing cumulative investments into WC, capex, and M&A over 5 year periods vs the resulting growth in OCF. By reinvesting 100% of cash generated at 22%…
👀 plenty of 3 letter combos to get excited about here
Watchlist of "future $CSU's" - Lumine Group - FOG Software - Juniper Group - Modaxo - Datamine - Sygnity - Aquila - Carina - Acquire - Vesta Software - Vencora - Trapeze Group ...I'm missing some here
this might be my favorite tweet of all time $TDG $CSU.TO $HEI
I'm going with Howley, Leonard, and Mendelson.
Only point of contention is labelling $SFT.L a subsidiary. It’s not, it is a minority investment. Jan has done this before in a corporate presentation and it doesn’t sit well, at least not to SFT shareholders!
A Mini Berkshire in Europe? Investment Case | Chapters Group $CHG 🇩🇪 🧵 Chapters Group is a European holding company owning 46 subsidiaries. Most of them operate in Vertical Market Software (VMS). Summary of full article by compounding quality 👇 ”1. How does Chapters Group…
An acquisition-driven compounder well worth studying $ROP Remarkable transformation over the last 25 years
Roper Technologies is a serial acquirer that outperformed Berkshire Hathaway over 20+ years by buying software so boring that customers forget they pay for it. Here's how $ROP built its own version of Constellation Software's playbook:
REQ team out with their H1 2025 report. Always a great read & full of insight on serial acquirers. $CSU $TOI $ROKO $LIFCO $ATCOA $INDU "Out of the best 30 stocks in the Nordics over the last 20 yrs - acquisition driven compounders constitute 13 names = 43%" Book incoming 👏
$CSU.TO Insightful podcast with a Portfolio CEO from Cora Group, part of the Vela Software operating group Main topic is M&A: due diligence, red flags, KPIs, contract terms, valuation, people... 👀 Transcript here: smallpdf.com/file#s=35b9a00… h/t @BehindFintech @Gowzican1
Software Private Equity: HG Capital They bought payroll software for $450M. Now it’s worth $21B. Visma = the ultimate SaaS compounder 🧵
Good read on the cluster of sleepy industrial niche product companies in Europe Another reminder there’s still plenty of runway for the leading industrial serial acquirers $LIFCO $LAGR $BERG etc.
Biggest Cash Machines in the World? Hidden Champions: → Invisible → Industrial → Insanely profitable 🇩🇪🇨🇭🇦🇹 is full of them. And PE still hasn’t noticed. The biggest opportunity in global M&A. 🧵👇
David Cicurel, Founder and CEO of Judges Scientific $JDG.L: "It’s better to be in a little principality, and you’re the prince, than competing with big empires when you don’t have the wherewithal to do that."
Top episode on Visma Aside from the growth and attractive business economics, what really stands out is the leadership, culture and long-term mindset
Today, we break down the largest privately-owned software business in Europe. Visma. There is no-one better qualified to explain it than our guest, Nic Humphries. Nic, with his business HgCapital, took Visma private in 2006 at a $450 million valuation. The business is now…
big news in the land of software roll-ups as Visma plans IPO pe-insights.com/hg-backed-vism…
Today $SFT.L houses 9 opcos with combined revenue of £20M and Adj, Ebidta of £4.8M
Software Circle $SFT.L 🇬🇧 British vertical software acquirer with portfolio of 6 opcos. It’s still a micro cap under $100M so plenty of room to grow. Recently raised fresh funds for its next wave of acquisitions. Jan Mohr sits on the Board as Chairman. £16M revenues, £3M EBITDA
Time for a refresh on these under-followed VMS acquirers If you’d held these five over the past 15 months you’d be sitting pretty
Searching for quality VMS serial acquirers beyond the Constellation Software family $CSU $TOI $LMN? Look no further than these below-the-radar stocks: Thread 🧵