3/31/2023 0 Comments Halma seyak“ I thought getting older maybe meant that you’re not in love anymore I’m in love,” she continued. Not only is she working, but she also starred as the heartthrob alongside Channing Tatum in the recently released Magic Mike’s Last Dance, among other projects including Puss in Boots: The Last Wish and House of Gucci. “I thought getting older meant I wasn’t going to work I’m working,” the 56-year-old said. In fact, she called the experience of aging “beautiful.” And according to Hayek, the ride to get here hasn’t been all that bad, either. The good news is, all the abundance was worth the wait. Thirty years ago, if you would’ve told Salma Hayek that her “best professional moments,” as she called them, would take place in her 50s, her response would be terse: “Oh my God, do I have to wait that long?” she recently told Glamour. Imagine? I did really feel it at the time, and it’s unfair,” she said. “I was also told that, as an actress, you kind of stop working around 30.She said all of her expectations about aging-around work, love, and life-were wrong. ![]() Salma Hayek called aging “beautiful” in a new interview.Halma effectively has two management layers above the operating company: the Divisional Sector CEO and the Sector CEO. ![]() The Divisional Sector CEO (DCE) would also have a CFO and a VP of M&A to help run the sub-sector. Halma introduced ‘Sector Teams’ which added a layer of middle management between opcos and Sector CEO’s: the opco CEO would report to a Divisional CEO, who reports to a Sector CEO, who then reports to Andrew Williams, Halma Group CEO. In 2015, Halma deepened this transition by reorganising into four ‘Sectors’ Process Safety, Infrastructure Safety, Medical, and Environmental and Analysis. In other words, from a Constellation Software-like operating model closer towards a Danaher-like operating model. We would argue that Williams started Halma’s transition from an ‘accumulator’ to a ‘platform’ acquirer. Prior to 1997, over 70% of Halma’s acquisitions were small, niche businesses within existing health and safety sectors. In 2005, Andrew Williams became CEO, sold off underperforming businesses and moved into the medical equipment business. This strategy worked well until the early 2000s when Halma’s revenue and FCF hit a wall. This structure is similar to Constellation Software (CSU) in VMS or Addtech in B2B distribution where the parent company aims to add value by sharing best practices across opcos rather than centralising services to cut costs. Operating companies were decentralised with CEOs running individual P&L’s reporting to Barber. Halma started as an ‘accumulator’ serial acquirer. In December, we interviewed three former executives of Halma operating companies to explore a question that we believe is crucial for ‘platform-type’ roll-ups: how is the company organised to scale acquisitions. This note builds on these write-ups so if you haven't already, we'd advise reading each piece before this Weekly Analysis. There are many great write-ups by Scott Management here, Exploring Context here, and Demesne Investments here which explain and categorize types of serial acquirers. Barber’s philosophy underpins Halma’s success and forms the foundation of the company’s strategy today. Over the last 20 years, Halma has compounded FCF at 15% and the dividend per share has compounded 5% for over 33 years. In 1972, David Barber founded the company with a simple set of principles to create long-term shareholder value: use retained earnings to acquire profitable, niche businesses that management understands. Halma is a UK-listed serial acquirer of highly-specialized industrial and medical companies that dominate small, niche markets. This is effectively the route we have followed in Halma." - David Barber, Halma Cofounder and Former CEO, 1998 ![]() "My observation is that acquisitions have the best chance of creating value where the business purchased as nearly as possible meets the following criteria: it is paid for by internally generated cash, it is a replica of one already owned by the purchaser, it is a bolt-on or quasi-bolt-on, and it is likely to improve the quality as well as the quantity of earnings.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |