“并购之王”丹纳赫是如何“养成”的？

Core Insights - Danaher Corporation has successfully completed nearly 400 acquisitions over 40 years, spending approximately $90 billion, resulting in a market capitalization of about $200 billion and creating around $250 billion in shareholder value [2][4] - The company achieved an average annual return of 22% over the past 40 years, outperforming the S&P 500's 12% and Berkshire Hathaway's 16% during the same period [2] Acquisition Characteristics - High Frequency: Danaher averages over 10 acquisitions per year, with a peak of 19 in one year, never recording a year without acquisitions [4] - High Success Rate: While 70% to 90% of acquisitions in the market fail, Danaher's major acquisitions, such as those of Fluke and Beckman Coulter, have been largely successful [4] - Cross-Industry: The company has successfully operated across various industries, from low-end manufacturing to advanced life sciences and diagnostics [4] Evolution of Acquisition Style - In the 1980s, Danaher focused on high leverage and asset restructuring, later shifting to a strategy of seeking innovative, low-cost products and decentralized management [6] - Under CEO Kalp, a world-class core team was established, leading to a more scientific and structured acquisition process, integrating the Danaher Business System (DBS) into acquisition management [7][8] Recent Trends in Acquisitions - Post-2016, Danaher has focused on divesting non-core businesses and concentrating on life sciences and diagnostics, with over 95% of acquisition funds directed towards these sectors [11][12] - The average number of acquisitions per year decreased to 7.4, but the size of individual transactions increased significantly, with an average deal size of $910 million [12] - Danaher has also begun early-stage technology investments, establishing a venture capital arm to identify disruptive technologies in the life sciences sector [14] Platform Strategy - Danaher employs a platform strategy, starting with a cornerstone asset to build a strategic business platform, followed by acquisitions of independent companies to enter adjacent markets [16] - The water quality platform, established in the late 1990s, exemplifies this strategy, with significant acquisitions leading to substantial revenue growth [21][20] Performance Metrics - The water quality platform generated approximately $5 billion in revenue by 2022, with a return on invested capital (ROIC) exceeding 20% [21] - The testing and measurement platform, which included notable acquisitions like Tektronix, achieved significant revenue growth and profitability during its tenure [23] - The life sciences platform has become a key area of focus, with substantial investments and successful acquisitions contributing to its growth [41][42]