It's a well-known fact that most serial acquirers - the so-called "roll-ups" in investor jargon - destroy more value than they create in the long term.

Heico's shareholders don't have this problem, thank you very much. Specialized in aeronautics and electronics, their conglomerate posts double-digit profitability on its external growth operations, which it finances without capital increases or excessive recourse to debt.

The formula worked perfectly well for Heico over the last cycle 2013-2022, with sales doubling and profit quadrupling thanks to continuous margin expansion. Over the period, Heico maintained the same number of outstanding shares and even reduced its net debt.

Last summer, the Group completed the acquisition of Wencor. This Georgia-based specialist in spare parts distribution and aeronautical maintenance represents Heico's biggest-ever acquisition. Already consolidated in the accounts, Wencor is behind the 34% increase in sales this year.

Heico has thus broken with its usual pattern, and now carries around $2 billion in net debt on its balance sheet - roughly three times its operating profit before depreciation and amortization. If the group remains faithful to its good habits in terms of financial orthodoxy, a rapid deleveraging should be in the offing in the coming months.

Wencor was acquired at x13 EBITDA. Heico is currently quoted at twice that multiple.