The Compounders

From Small Acquisitions to Giant Shareholder Returns

The Compounders tells the untold stories of nine extraordinary companies that have quietly rewritten the M&A playbook. With disciplined capital allocation, high-performing decentralized cultures, and a commitment to the long term, these companies have turned modest profits and small acquisitions into generational wealth—delivering returns that rival the greatest legends of investing.

Drawing on nearly two decades of research and hands-on investing experience, this book reveals how these companies think, operate, acquire, and endure over time.

From Constellation Software’s 375× and Heico’s 1,100× return under the Mendelson family’s ownership, to Sweden’s Bergman & Beving (and its spin-offs) compounding over 7,500×—this book unveils a profound truth: if you build the right structure and stay the course, time becomes your greatest superpower.

Whether you’re an investor, operator, or simply curious about what truly drives long-term shareholder returns — this book may forever change how you think about business.

«The Compounders is the rare kind of book that quietly shifts how you think about wealth — not as a sprint, but as a decades-long craft. Every young investor should read it.»

Elena Markham

Partner at Atlas Equity Group

In The Compounders, you’ll discover:

The hidden drivers behind 100×+ returns
Why Sweden is a compounder factory
Why decentralized cultures consistently outperform
How some companies excel at capital allocation
Why culture is the ultimate source of durable advantage
Fascinating real-life examples of all this quiet excellence at work

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Returns That Speak for Themselves

Company	Total Return	CAGR	IPO Year
Bergman & Beving share price return (+ spin-offs)	7,500×	20%	1976
Heico	1,100×	22%	1990
Constellation Software	375×	37%	2006
Addtech	210×	26%	2001
Ametek	175×	16%	1930
Lagercrantz	120×	23%	2001
Judges Scientific	115×	24%	2003
Indutrade	50×	22%	2005
Lifco	21×	33%	2014