In short: Named in the same Swedish serial-acquirer group as Lifco and Lagercrantz — companies whose programmatic acquisition model changed his view of growth-by-acquisition between the two books. (Name reconstructed from an auto-transcript garble.)
Addtech is the third of the Swedish serial acquirers Mayer names — again a decentralised owner of small technical-components and industrial-niche businesses, compounding through frequent bolt-on deals.
His point in naming all three together is that this was a whole category of high-return compounders he simply didn't know existed a decade ago, and discovering it is the single biggest reason his view of growth-by-acquisition flipped from sceptical to favourable. It is cited as evidence for a method, not offered as a pick.
10:56And then personal experience. I've learned about a group of companies with people called Swedish serial acquirers, these companies like Lifco and Lagercrantz and Addtech, and these names I didn't hear about and knew nothing about when I wrote 100 Baggers. And those are companies that have proven to grow very well by acquisition, including something like Constellation Software, which again is something when 100 Baggers came out, maybe I was vaguely aware of, but otherwise didn't really know or appreciate. So those
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