Comvita has attracted overseas interest as the Manuka honey maker works on a capital raise under its wider recapitalisation programme. In a stock exchange filing today (23 February), the New Zealand-based business reported receiving “credible expressions of interest” from current shareholders and new investors to back and potentially underwrite the proposed fundraising. Comvita said part of this interest had come from "an offshore strategic investor in the food and beverage sector". According to the fi ...

Core Insights - Ardagh Group reported increased revenue in Q3 2025, reaching $2.5 billion, up from $2.39 billion in Q3 2024, despite a deepening net loss due to exceptional charges [1][2] Financial Performance - Group adjusted EBITDA rose by 9% to $394 million, aided by reduced operating expenses, favorable volume and product mix, and a $10 million benefit from currency movements [2] - The company's loss before tax increased to $335 million, primarily due to exceptional costs related to the recapitalization process [2] - For the nine months ending September 30, total group revenue was $7.21 billion, an increase from $6.90 billion in the previous year [3] Segment Performance - Metal Packaging Europe revenue increased by 9% to $625 million, while Metal Packaging Americas grew by 8% to $803 million, reflecting a favorable mix and the pass-through of higher input costs [3] - Glass Packaging Europe & Africa saw a 1% rise to $709 million, whereas Glass Packaging North America experienced a 2% decline to $367 million due to earlier footprint changes [3] - Adjusted EBITDA improved across all four divisions [3] Cash Position - At the end of the quarter, Ardagh had $679 million in cash and cash equivalents, along with $386 million of undrawn credit facilities, and net debt stood at $10.49 billion [4] - The company anticipates that its cash resources and facilities will provide sufficient liquidity for at least the next 12 months [4] Management Changes - John Sheehan will resign as group chief financial officer at the end of the financial year 2025/26, with the process to appoint a successor already underway [5] - Sheehan expressed confidence in Ardagh's positioning for future growth with a recapitalized balance sheet and strong market positions [6]

Financial Performance - Prosafe SE reported EBITDA of USD 11.3 million for Q3 2025, an increase from USD 5.0 million in the same period last year [1] - Revenues for the quarter reached USD 53.6 million, up from USD 32.8 million year-on-year [7] - The company experienced a negative cash flow from operations of USD 1.0 million, compared to a positive cash flow of USD 9.1 million in the previous year [7] - Capital expenditures amounted to USD 11.3 million, significantly higher than USD 2.8 million in the same quarter last year [7] Operational Highlights - All five vessels generated revenue in Q3 2025, with 100% fleet utilization in September [1][7] - The backlog stood at USD 486 million, including options, indicating strong future revenue potential [7] - Safe Boreas was on standby rate from September ahead of a contract start in December [7] Strategic Initiatives - The company has reactivated two idle vessels and launched cost reduction initiatives [4] - A recapitalization has been completed, establishing a sustainable capital structure with extended maturities and net interest-bearing debt of USD 213.6 million at the end of September [7] - Liquidity position improved to USD 83.3 million, compared to USD 46.8 million at the end of 2024 [7] Market Outlook - Prosafe is on track to meet its 2025 EBITDA guidance and anticipates increased earnings in 2026 with all high-end vessels fully contracted [4] - Strong global market fundamentals are driven by increased demand in Brazil and Africa, with North Sea operators planning future campaigns [7] - The company is exploring strategic opportunities and potential mergers and acquisitions [7]

Core Insights - Lee Equity Partners has successfully closed a $1.6 billion recapitalization of McLarens Global to support its growth plans [1] - The recapitalization allows existing shareholders to either receive liquidity or reinvest, while providing McLarens with additional capital for growth initiatives [1] Company Overview - McLarens has over 90 years of history, operating in 43 countries with a workforce of more than 1,600 specialists [2] - The company specializes in technical claims services for brokers, insurance companies, and multinational corporations [2] Partnership and Growth - McLarens CEO Gary Brown highlighted the importance of the partnership with Lee Equity in driving growth and transformation, enabling investments in talent, technology, and capabilities [3] - The partnership began in December 2018, leading to McLarens' expansion in size, international presence, and the introduction of new service lines through organic growth and acquisitions of 18 companies [3] Investment History - Lee Equity has a track record of investments in the insurance industry, supporting various companies such as Captive Resources and Axis Insurance [4] - Lee Equity partner Mark Mauceri emphasized the strength of the partnership and the exceptional results achieved by McLarens [4] Future Outlook - Lee Equity expresses excitement in supporting McLarens as it continues to expand globally, enhance service offerings, and maintain its reputation in complex claims management [5]

Core Viewpoint - Prosafe SE reported a decline in EBITDA for Q1 2025, but maintains high utilization of its fleet and is progressing on new contracts, indicating a focus on operational efficiency and future growth opportunities [1][3]. Financial Performance - EBITDA for Q1 2025 was USD 4.6 million, down from USD 7.2 million in the same period last year [1]. - Revenues decreased slightly to USD 33 million from USD 34 million year-over-year [4]. - Cash flow from operations improved to USD 28.4 million, compared to a negative USD 1.4 million in the previous year [4]. - Capital expenditures (Capex) increased significantly to USD 21.2 million from USD 1.7 million, attributed to the reactivation of vessels [4]. Operations and Contracts - The company had four active vessels during the quarter, with high utilization rates [1][3]. - Safe Notos was recently named the winner of a 4-year tender with Petrobras in Brazil, pending final contract [3]. - Safe Zephyrus has been extended with Petrobras until Q3 2027, and Safe Caledonia is reactivated for a UK contract starting June 1 [4]. Recapitalization and Financial Structure - A recapitalization plan has been agreed upon, equitizing USD 193 million of debt for 90% of the company's shares, supported by lenders [4]. - Existing shareholders will retain 5% ownership and have the option for an additional 5% at EUR 0.01 per share [4]. - The estimated post-recapitalization net debt is projected to be USD 220 million, with expected completion in Q3 2025 [4]. Market Outlook - Ongoing Petrobras tenders indicate strong market fundamentals in Brazil, while North Sea operators are planning future campaigns with a focus on 2027 and beyond [4]. - The increased backlog and improved market conditions position Prosafe for enhanced earnings in the future [4].