Alimentation Couche-Tard is updated and rated (lower) Buy at $61.88. This company has rather quietly grown int a giant. It has been a fantastic investment. Thirteen years ago the shares traded under $3.00 and they are now about $62.00. It is very well managed. It has grown by acquisition. I started following it in March 2005 at a price of $17.40 and rated it (lower) strong Buy at that time. In 2008 the share price got as low as $10. Great companies are certainly not immune to large price declines but if they are great companies, then the price recovers and grows over time.
Some companies blow their brains out on acquisitions. But it can also be a very profitable strategy. Two cases that I follow where it has worked extremely well have involved simple businesses that made acquisitions in the very same line of business. These two are Couche-Tard and Stantec. Liquor Stores N.A. may be another example. RioCan may be another.