IP Fieldwork

We discuss the process and structure of our recent analysis on HEICO's acquisition of Wencor. We explore: The structure of the aftermarket value chain Synergies between HEI / Wencor across PMA, MRO, and distribution Advantages of owning MRO and distribution with PMA assets How HEI bargaining power changes post-acquisition Why the alternate bill of materials strategy is an opportunity for HEI

We discuss the process and hypotheses we're testing in our recent survey with CACC dealers. We also explore: The two core questions we explore in the CACC survey and why they are important How we approached sourcing auto dealers to complete the survey Why sourcing quality executives is difficult and techniques to improve sourcing Our approach to conducting quality surveys and upcoming work

We discuss the year-1 performance of Altera, CSI's largest acquisition to day, and share our learnings from 6+ hours of interviews with Former Altera / Allscripts executives and CSI M&A execs who worked on the deal. We explore: Why Altera's customer churn could be higher than expected Challenges meeting meaningful use regulations and new product development on Altera's R&D budget Impact on CSI's p...

We discuss the 6-month research project that led to our report on CSI's competitive risks. We discuss why it seems everyone today is rolling up VMS and the potential risks to CSI, including: How many CSI copycats we found across US / EU How their strategy differs to CSI How increased competition may increased CSI ROIIC

We discuss the history of Burford Capital and more specifically: Why Muddy Waters' short was perfect timing Litigation finance as an asset class vs other alts BUR Management team Risks with the business and investment case

We explore our research approach to exploring Costco's store growth opportunity across Europe and the UK. We discuss: How the UK is a unique market for warehouse clubs globally Planning and building consent in UK and EU vs US Why COST UK margins are lower than other markets Why EMEA growth for Costco is slower than expected Outlook on potential store count in EU / UK for 2030

In this audio-only analysis, we explore Ashtead and the equipment rental business. We discuss: Evolution in US equipment rental market structure Ashtead's competitive advantage Equipment rental pricing Valuation

In this episode we explore why we've been studying Diploma PLC, the UK-listed value-added distributor, for the last 12 months. DPLM has compounded EBITA at ~20% for over 20 years and has recently hired a new CEO that is accelerated growth. We discuss the following: DPLM's core business model and history under Bruce How Johnny is changing the org structure relative to other holdco serial acquirers...

Last month, we visited Stockholm for Redeye's Serial Acquirer event. We met CEOs from Bergman and Beving, Lagercrantz, Röko, and many other Swedish companies that use accretive M&A as their core value driver. In this podcast, we explore what we've learned after a few years studying 'serial acquirer' companies. We discuss: Different ways of categorising acquirers; from Berkshire to CSU.TO Lessons f...

In this audio-only analysis, we explore: The complex history of B&B and what Lagercrantz's history can tell us about B&B Luna Group and how to segment B&B as a group B&B's M&A strategy under the new CEO A valuation framework for B&B

In this audio-only analysis, we explore Amazon.com's structural advantages including: Why there is a negative narrative from investors around Amazon's retail business Amazon.com distribution structure vs traditional brick-and-mortar retailers Structural cost advantages baked into Amazon's model What cost line items are driving Amazon Retail's operating loss and recent improvement