The Dutch Investors #54 | Serial acquirers & holding companies w/ Michael Gielkens
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Sep 4, 2025 In this discussion, Michael Gielkens, co-founder of Tresor Capital, shares his expertise on holding companies and serial acquirers. He highlights what distinguishes these entities from traditional firms and how to spot quality operators while avoiding red flags. Gielkens elaborates on why Sweden is a fertile ground for acquirers and explains the intricacies of goodwill in business. He also discusses the importance of assessing management quality and incentives, along with his favorite investment picks, showcasing his deep understanding of this niche market.
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Prioritize Skin In The Game
- Insist on management 'skin in the game' and prefer long vesting or share-based holding requirements for executives.
- Avoid heavy annual dilution from share-based compensation.
Use Cash Flow, ROIC And Reinvestment Rate
- Track free cash flow per share and return on invested capital to measure serial acquirer progress over long horizons.
- Also monitor the reinvestment rate to estimate future compounding potential.
Holding Companies Are Listed Family Offices
- A holding company is effectively a listed family office that allocates a diversified balance sheet across public and private assets.
- It offers low-cost access to private deals and active capital allocation by owners.
