Serial acquirers, read closely
The companies that buy companies, followed deal by deal.
Analyst grade coverage of Constellation Software, Topicus, Lumine and the wider family of serial acquirers. What they bought, what they paid where it is disclosed, how capital is being deployed, and what it means for the compounding story.
For long term investors, analysts and operators who want the signal from filings, not the noise from headlines.
What you get
One monthly report. Short notes every week.
Constellation Software
Operating groups, acquisition pace, capital deployment and the questions management answers, or doesn't.
Topicus and Lumine
The spin outs, followed on their own terms: European vertical software and communications and media software.
The wider family
Other serial acquirers around the world, compared on the same framework so you can see who is doing it well.
The deal log
Acquisitions pulled from registries, filings and local press, many of which never make an English headline.
Capital allocation
Hurdle rates, reinvestment, organic growth and what the cash flow statement says about deal discipline.
What to watch
Results dates, AGMs, letters and filings that matter in the weeks ahead.
Why read it
A view, not a summary.
Thesis first. Each report opens with a clear view and ends with a short verdict.
Sourced numbers only. Company reports, filings and registries, dated and compared like for like. Nothing invented, nothing guessed.
The obscure edge. Small acquisitions in local registries and foreign language filings that most coverage misses.
Respect for your time. One report a month, short notes in between.
Between issues, @CompounderThrd tracks serial acquirers on X.
Follow @CompounderThrd on XGet the first report in your inbox.
Free. Monthly report plus weekly notes.