It's Official! Heineken & Imperial - It's Official Shaping what's next Heineken & Imperial - shaping what's next HEINEKEN completes acquisition of FIFCO’s beverage and retail businesses The closing of the landmark transaction reinforces HEINEKEN’s strategic position in Central America and unlocks significant new growth opportunities. Amsterdam, January 30th, 2026, Heineken N.V. (HEINEKEN) today announced the completion of its acquisition of FIFCO’s beverage and retail businesses, following the recei ...

Core Insights - Boyd Group Services Inc. has successfully closed the acquisition of Joe Hudson's Collision Center, adding 258 locations and increasing its North American footprint by 25% to a total of 1,301 locations [1][2][5] - The acquisition is expected to enhance profitability through cost synergies and support Boyd's long-term growth objectives [2][4][10] Company Overview - Boyd Group Services Inc. operates as a major player in the North American collision repair industry, with a significant number of non-franchised collision repair centers [7] - The company operates under various trade names, including Boyd Autobody & Glass, Assured Automotive in Canada, and Gerber Collision & Glass in the U.S. [7] Acquisition Details - The total consideration for the acquisition of Joe Hudson's Collision Center is approximately US$1.3 billion, funded through a combination of equity offerings and debt [5] - The acquisition aligns with Boyd's growth strategy and is expected to strengthen operational excellence and cultural alignment within the organization [2][3] Strategic Initiatives - Boyd's Project 360, a cost transformation plan, has improved the company's operating foundation and profitability, positioning it well for future growth [4] - The expansion of Boyd's operational strategies is anticipated to further densify its market presence and enhance overall performance [4][10]

Summary of Primo Brands Fireside Chat - January 07, 2026 Company Overview - **Company**: Primo Brands (NYSE: PRMB) - **New Leadership**: Eric Foss (CEO), David Hass (CFO), Tracy Mangini (VP of Investor Relations) [2][3] Core Industry Insights - **Industry**: Beverage industry, specifically focusing on healthy hydration and bottled water - **Market Position**: Primo Brands is the third largest player in the liquid refreshment beverage (LRB) category by volume, with a strong portfolio in bottled water and healthy hydration [10][22] Key Points and Arguments 1. **Integration Challenges**: The integration of BlueTriton Brands and Legacy Primo is complex, requiring alignment on culture, successful integration processes, and synergy capture [8][9] 2. **Market Growth**: The bottled water category is the largest beverage category in the U.S. by volume and is experiencing significant growth, with municipal water bills rising by approximately 5% over the last five years [22] 3. **Brand Portfolio**: Primo has a diverse brand portfolio, including several billion-dollar brands and strong regional players, positioning it well to serve various consumer needs [24][25] 4. **Operational Improvements**: Significant progress has been made in supply chain management, with product produced to schedule improving from the low 80% range to over 99% [28][29] 5. **Customer Service Enhancements**: Initiatives like "Respond and Recover" have been implemented to improve customer service response times and reduce customer calls [31][32] 6. **Customer Acquisition Strategy**: The company is focused on improving service levels, recruiting new customers, and implementing a new warehouse management system to enhance supply chain execution [35][36] 7. **Retail Distribution Gains**: In 2025, Primo achieved approximately 10% growth in retail distribution points, with a focus on executional excellence and brand visibility [46] 8. **Premium Brand Growth**: Brands like Saratoga and Mountain Valley are experiencing over 40% growth, supported by strong marketing campaigns and increasing household penetration [48][50] 9. **Future Growth Strategy**: The growth algorithm for 2026 includes restoring customer service, driving retail execution, prioritizing premium brands, and implementing strategic pricing initiatives [52][53] Additional Important Insights - **Financial Model**: The company has a strong financial model focused on growth, margin expansion, and cash flow generation [11][57] - **M&A Strategy**: Future M&A opportunities will be considered after stabilizing the customer direct business, with a focus on adding scale and improving competitive positioning [62][63] - **Key Performance Indicators (KPIs)**: Metrics to focus on include market share, customer satisfaction, revenue, volume, margin expansion, and operational efficiency [55][56] Conclusion - **Outlook**: The long-term investment thesis for Primo Brands remains intact, with a commitment to restoring service levels and driving growth in the healthy hydration category [65]

Netherlands-based supplier of speciality coatings for flexible materials Stahl has finalised the integration of Weilburger Graphics’ packaging coatings business in Turkey. The transfer of the business took effect on 1 December 2025, and follows Stahl’s acquisition of Weilburger Graphics in 2024. The consolidation is intended to reinforce its position in Turkey’s packaging coatings segment. The Weilburger Graphics operations in Turkey now trade as Stahl Kimya. Stahl Kimya will provide a broader portfoli ...

Core Insights - Gildan Activewear Inc. has completed the acquisition of HanesBrands Inc., establishing itself as a global leader in the apparel industry [1][2] - The acquisition is expected to double Gildan's scale and enhance its capabilities in activewear and innerwear, providing a strong platform for innovation and growth [2] Company Overview - Gildan is a prominent manufacturer of everyday basic apparel, offering products such as activewear, underwear, socks, and intimates to a diverse customer base including wholesale distributors and global lifestyle brands [3] - The company markets its products under a variety of owned brands, including Gildan, Hanes, and Champion, across multiple regions including North America, Europe, Asia Pacific, and Latin America [3] Manufacturing and ESG Practices - Gildan operates large-scale, vertically integrated manufacturing facilities primarily located in Central America, the Caribbean, North America, and Asia [4] - The company is committed to industry-leading labor, environmental, and governance practices, which are integral to its long-term business strategy and ESG initiatives [4] Integration and Synergies - Gildan aims to achieve at least $200 million in run-rate cost synergies from the integration of HanesBrands, emphasizing the importance of a seamless and collaborative integration process [2]

Core Insights - Bragar Eagel & Squire, P.C. is investigating officers and directors of Driven Brands Holdings, Inc. and Jasper Therapeutics, Inc. on behalf of long-term stockholders due to class action complaints filed against both companies [1][4] Driven Brands Holdings, Inc. (NASDAQ: DRVN) - A class action complaint was filed against Driven Brands on December 22, 2023, alleging that the company made materially false and misleading statements regarding its ability to integrate acquired businesses and the performance of its car wash segment [2][3] - The complaint claims that Driven Brands misrepresented its integration capabilities as a "core strength" and assured investors of "significant progress" in integrating its U.S. auto glass businesses, while downplaying issues related to customer demand in its car wash segment [3] Jasper Therapeutics, Inc. (NASDAQ: JSPR) - A class action complaint was filed against Jasper Therapeutics on September 19, 2025, alleging that the company made materially false and misleading statements about its business operations and compliance policies [4][5] - The complaint highlights that Jasper lacked necessary controls to ensure third-party manufacturers complied with cGMP regulations, which increased risks for ongoing studies and overstated the company's financial and clinical prospects [5]

Core Insights - Saks Global has undergone a significant management reorganization aimed at cost reduction and enhancing relationships with brands and vendors, with CEO Marc Metrick taking a more direct role in brand partnerships [1][5][6] - Key executives, including Emily Essner and Bill Bine, have left the company, while Kim Miller has been appointed as the new chief customer officer [2][3][6] - The company reported a revenue decline of 11.1% in Q2, totaling $1.6 billion, attributed to inventory issues and increased costs, but expressed optimism for the upcoming holiday season [8][9] Management Changes - Emily Essner, previously president and chief commercial officer, has departed after overseeing critical strategies for 14 years [6] - Bill Bine, chief transformation officer, and Rob Brooks, chief operating officer, have also left, with their responsibilities reassigned to existing executives [2][3] - Kim Miller has been promoted to chief customer officer, focusing on customer satisfaction and retention across Saks Global [5][6] Brand Partnerships and Strategy - Paolo Riva will report directly to Marc Metrick, enhancing the focus on brand partner strategies [3][5] - Metrick aims to strengthen relationships with brand partners to maximize growth potential across Saks Global's luxury retail brands [5][6] Financial Performance - Saks Global's Q2 revenues fell to $1.6 billion from $1.8 billion, with a net loss of $288 million compared to $271 million the previous year [8] - The company is on track to achieve an annualized synergy target of $600 million, with $300 million in run-rate synergies already executed [9] Inventory and Vendor Relations - Saks Global is working to improve inventory flow and relationships with vendors, addressing issues related to late payments [10] - The company is exploring strategic options for Bergdorf Goodman, including the potential sale of a 49% minority stake, which could value the store between $1.5 billion and $2 billion [12]

Core Insights - Coty is conducting a strategic review of its consumer beauty segment to "unleash its full potential" focusing on its $1.2 billion mass colour cosmetics business and its Brazilian operations generating close to $400 million in revenue [1][2] Strategic Review - The review will explore various options including partnerships, divestitures, spin-offs, and other strategic actions to maximize long-term value and strengthen the balance sheet [2] - Coty plans to integrate its Prestige Beauty and Mass Fragrance businesses more closely, emphasizing its heritage and core strengths [2][3] Organizational Changes - The company aims to drive organizational changes for closer integration and coordination between prestige and consumer beauty fragrances, which currently account for 69% of Coty's sales [3] - The new structure will leverage Coty's scale in research and development, consumer insights, manufacturing, and distribution [3] Leadership and Management - CEO Sue Nabi highlighted that integrating fragrance brands will unlock the full potential of Coty's scale, as the fragrance category outperforms the global beauty market [4] - Gordon von Bretten has been appointed as president of consumer beauty, responsible for delivering the potential of mass cosmetics and personal care brands, and will lead the strategic review [5][6] Future Focus - The agenda includes realizing the full potential of market-leading brands by focusing the portfolio, enhancing product excellence, and driving productivity for visible growth, margin expansion, and cash generation [6] - Coty's prestige division will continue to expand its cosmetics and skincare offerings [4]

Financial Data and Key Metrics Changes - The company reported a revenue of $3,600,000,000, reflecting an 8.3% increase compared to the previous year [12][8] - Underlying EBITDA was $95,200,000, up $2,800,000 or about 3% year-on-year, driven by a $25,000,000 increase in gross margin dollars [12][13] - Net profit after tax was $31,200,000, with statutory results showing a net profit of $20,600,000 [8][12] Business Line Data and Key Metrics Changes - Revenue from Australia and New Zealand grew to $3,500,000,000, an increase of 8%, with gross margin rising to $277,900,000, up 5% [21] - The Asian market saw revenue increase from $84,200,000 to $101,000,000, a growth of 20%, with gross margin up by 30% to $46,100,000 [23][24] - Clinical manufacturing signed its first contract manufacturing agreement, indicating growth potential in that segment [22] Market Data and Key Metrics Changes - The Australian pharmacy market experienced solid growth, while hospital pharmacy remained flat [21] - The Asian market, particularly Thailand, showed exceptional growth in aesthetics, contributing significantly to revenue increases [24] - Challenges were noted in Korea due to a doctors' strike, and modest growth was observed in the Philippines due to declining contracts [25] Company Strategy and Development Direction - The company aims to continue its three-two-one strategy, focusing on integrating its businesses and expanding in Asia [27] - There is a strong emphasis on organic growth through investments in sales teams and new business opportunities in dental, robotics, and aesthetics [27][28] - The company is committed to operational efficiencies and simplifying its business structure while exploring merger and acquisition opportunities, particularly in Asia [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $12,000,000 in synergies for FY '26, building on the $5,000,000 achieved in FY '25 [14][26] - The outlook for revenue and profit growth remains positive, with expectations for improved profitability as synergies are realized [29] - Management highlighted a focus on the competitive landscape in retail pharmacy and the need to adapt to market changes [33] Other Important Information - The company completed a refinancing with Scott Pak, resulting in a $400,000,000 financial covenant-free facility, which is expected to save $2,000,000 in interest annually [18][19] - The company is working towards achieving ISO certifications and GMP accreditation for its facilities [26] Q&A Session Summary Question: Outlook on revenue and profit for next year - Management indicated that revenue growth would be positive but not necessarily at the same rate as FY '25, suggesting single mid-digit growth rates [32] Question: Competitive landscape in retail pharmacy - Management noted that the competitive landscape has evolved, particularly due to recent mergers, and they hope to continue benefiting from trends in the market [33] Question: Clarification on integration costs in EBITDA - Integration costs were clarified to be excluded from the underlying EBITDA, allowing for a clearer view of operational performance [36] Question: M&A pipeline and net debt to EBITDA ratio - Management expressed willingness to increase net debt to pursue opportunities, particularly in Asia, while remaining focused on outcomes [37] Question: Details on recent acquisitions - The AHP Dental acquisition is expected to provide growth opportunities, although it may not contribute significantly to EBITDA initially [46][47] Question: Focus on growth opportunities in Asia - Management confirmed a strong focus on growth opportunities in Asia, with plans to update stakeholders before the AGM [50] Question: Future financing arrangements with Scott Pak - Management confirmed a commitment to maintaining low costs of funds and flexibility in financing arrangements, with a minimum term of two years for the current facility [57]

Core Insights - Cheetah Net Supply Chain Service Inc. reported a significant revenue increase of 278.9% year-over-year for Q2 2025, totaling $354,126, despite an operating loss of $780,849 [2][4] - The company experienced a net loss of $512,528 for Q2 2025, which is a 6.8% improvement compared to the same period in 2024 [2][9] - Management is focusing on integrating recently acquired companies to build a more resilient growth foundation amid trade policy pressures [3] Financial Performance - Revenue from logistics and warehousing services for Q2 2025 was $354,126, with $52,684 (14.9%) from Edward Transit Express Group and $301,442 (85.1%) from TW & EW Services [4] - The cost of revenue for Q2 2025 was $319,226, leading to a gross profit of $34,900 [6][28] - General and administrative expenses decreased by 6.9% to $805,305 in Q2 2025, primarily due to reduced legal and accounting fees [7] Interest Income and Losses - Interest income for Q2 2025 was $272,228, a substantial increase of 863.9% compared to $28,241 in Q2 2024 [8][9] - The net loss from continuing operations for the six months ended June 30, 2025, was $1,266,437, compared to a net loss of $1,016,370 for the same period in 2024 [18][29] Discontinued Operations - The parallel-import vehicle business generated revenue of $200,297 in Q2 2024, with only one vehicle sold during that quarter [10] - The net loss for discontinued operations was approximately $62,858 for Q2 2024 [11] Liquidity and Cash Flow - As of June 30, 2025, the company had current assets of $9.9 million and current liabilities of approximately $0.9 million [21] - The company reported a net cash flow of $1.3 million from operating activities during the six months ended June 30, 2025 [22][30]