I actually answered this a year ago and my opinion on the overall business model remains the same.
I'm not a huge fan of these wide niched conglomerates. The company does everything from wood stoves to golf turf. It's a bit complicated to keep track of and when I look to acquisition heavy companies, I tend to like the ones that hyper focus on a niche. For example, Constellation focusing on VMS companies, Well Health focusing on healthcare etc.
I find I even stretch it a little bit including Exchange Income Corporation on the Bull List, as it tends to broaden out quite a bit. Everything from passenger aircraft to high rise window cleaning. However, they tend to stick in their lane in regards to exposure to the rural areas in Canada, so I can get behind that one.
I don't necessarily think this is a bad company. They've performed quite well over the last while. What they're doing seems to be working. I am just not a gigantic fan of keeping tabs on the multitude of business operations.