If memory serves, I first met the prime movers behind acquisitive health brands conglomerate Ascendis in late 2012. I remember initially fobbing off a lunch meeting aimed at announcing two small acquisitions, then having my arm twisted by a former financial journalist who convinced me there was a bigger story around exciting private equity deal-makers and a potential listing.Though the initial deal-making involved relatively small operators, what I won’t forget was Ascendis’ unfettered growth ambitions. An acquisition spree was on the cards from the outset. This, I confess, triggered alarm bells. My perceptions of fast-growing acquisitive companies — probably to my portfolio’s detriment — will always be clouded by the startlingly sudden collapse of fast-growing health-care sector darling Macmed in the late 1990s.When Ascendis bought Nimue Skin Technology and Scientific Sports Nutrition in mid-2013 for a collective R120m, the company had, at that point, spent a collective R620m on ac...
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