Hi Partner 👋

It’s time to wrap up serial acquirer week.

Today, it’s time for the most fun part: building a serial acquirer portfolio.

We already gave you 6 names.

Today it’s time to give you the final 6 names.

Let’s dive in right away.

Reminders

In general, there are 4 buckets for Serial Acquirers:

1. VMS Serial Acquirers

2. Swedish Serial Acquirers

3. Industrial Serial Acquirers

4. Special Serial Acquirers

We will now dive into the Industrial Serial Acquirers and Special Serial Acquirers.

Industrial Serial Acquirers

Whereas bucket 1 focused on software acquirers, we also want three serial acquirers that are focused on more industrial businesses.

The 3 names are:

1. TerraVest ($TVK)

2. Tasmea ($TEA)

3. Lindbergh ($LDB)

1. TerraVest ($TVK)

TerraVest used to be an extremely boring business.

In cold, remote areas, people often don’t have access to gas pipelines to heat their homes. Instead, they rely on propane, which is stored in large storage tanks.

These storage tanks is where TerraVest comes in.

Although propane storage is very boring, please don’t confuse that with poor returns.

Since its IPO in 2012, TerraVest has compounded shareholder returns at an incredible 31.6% CAGR by being a disciplined acquirer.

Today, TerraVest happens to be in the right place at the right time.

It is becoming a pick-and-shovel play on the AI infrastructure buildout.

Why?

Data centers consume enormous amounts of energy, mostly in the form of electricity.

But relying entirely on the grid is risky.

If the grid goes down, the data center stops running, which is very costly.

That’s why data centers typically have emergency backup generators that run on fuel.

And that fuel needs to be stored in large storage tanks.

Storing cooling water for data centers also drives storage tank demand.

That’s where TerraVest comes in.

This creates a new tailwind for a company that has already been growing very attractively:

TerraVest’s HVAC & Containment Equipment segment, which includes its storage-tank business, grew revenue by 83% YoY in the latest quarter.

Management said this growth was largely driven by the data-centre buildout.

Additional research material

If you want to learn more