A permanent capital case study: Halma
Halma is a UK-based industrial technology group and one of the strongest public examples of long-term, decentralized ownership — the same model we’re building at ORANGE JUICE.
Founded in 1894, the modern model was shaped in the 1970s–80s under David Barber. It has been publicly listed on the London Stock Exchange for decades and today has an enterprise value of roughly £14 billion.
What they do: They acquire small-to-medium niche technology companies and hold them for decades.
Key elements of the model:
Each company keeps significant autonomy, its own board, brand, and culture.
Managers are empowered to run the business as if it were still their own.
Focus is long-term compounding, not short-term financial engineering or forced exits.
Growth is funded by strong internal cash generation.
Recent results (FY 2026): Revenue £2.58bn · Adjusted EBIT £594m (23% margin) · ROTIC 16.2% · 47 consecutive years of 5%+ dividend growth
Halma shows that permanent ownership combined with real autonomy can create exceptional long-term value, while giving founders a path that protects what they have built.
That’s the kind of outcome more businesses deserve.
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