Judges Scientific (JDG.L): Quality Serial Acquirer | Special Report

Judges Scientific (JDG) is a serial acquirer of small scientific instrument businesses in the UK. The company has a 20-year track record of delivering 25% annual shareholder returns. JDG focuses on acquiring niche market leaders with strong pricing power and little competition. The company's hands-off approach and integrity allow it to acquire businesses at an average of 4.8x EBIT. Management is heavily invested in the company, with the CEO's holdings worth around 200x his salary. Despite its success, the company remains under-followed by institutional investors. Key risks include the potential retirement of the 76-year-old CEO, though a succession plan appears to be in place.