Productivity initiatives delivered $48 million in savings during 2025, primarily through targeted supply chain optimizations and operational excellence.Digital platform adoption accelerated significantly, with quotes processed increasing over 130% year-over-year to nearly $7 billion through 2025.Strategic M&A remains a core growth pillar, highlighted by the acquisition of Pleasant Valley Homes to expand prefabricated, factory-built housing solutions for labor-constrained builders.The company consolidated 25 ...

Financial Data and Key Metrics Changes - PFG's total net sales grew by 5.2% in Q2 2026, with total company cases increasing by 3.4% [20][24] - Net income reached $61.7 million, a 45.5% increase year-over-year [24] - Adjusted EBITDA increased by 6.7% to $451 million, with diluted earnings per share at $0.39 and adjusted diluted earnings per share flat at $0.98 year-over-year [24][25] Business Line Data and Key Metrics Changes - Food service segment delivered 5.3% organic independent case growth, driven by a 5.8% independent account growth [9][20] - Convenience segment net sales increased by 6.1%, benefiting from market share gains and onboarding of new accounts [15][20] - Specialty segment saw sales growth tempered by a 30% decline in theater, but other channels grew at a high single-digit to low double-digit rate [17][20] Market Data and Key Metrics Changes - Industry-wide foot traffic decelerated, with December traffic down 3.5% [10] - Convenience segment sales were driven by low single-digit dollar growth from food and mid-teen growth in non-combustible nicotine products [16][20] - Total company cost inflation was approximately 4.5%, with food service inflation at 1.8% and convenience inflation at 7.4% [21][23] Company Strategy and Development Direction - PFG's three-year strategic vision focuses on revenue growth, market share gains, gross margin enhancement, and improving operating leverage [8] - The company aims to achieve sales in the range of $73-$75 billion and adjusted EBITDA between $2.3 billion and $2.5 billion by fiscal 2028 [28] - The integration of Cheney Brothers is expected to contribute significantly to revenue and profit growth in the long term, with synergies anticipated to flow through in years two and three [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth and EBITDA performance despite a challenging macro environment [9][18] - The company anticipates a modest sequential decline in net interest expense and expects to maintain a tax rate close to historical averages [25][27] - Management remains optimistic about achieving the full-year guidance despite challenges in Q2, with expectations for a strong second half of the year [28][29] Other Important Information - The company generated $456 million of operating cash flow in the first half of 2026, an increase of $77 million compared to the same period last year [25][26] - PFG did not repurchase any shares in the quarter, prioritizing debt reduction while maintaining a robust M&A pipeline [26] Q&A Session Summary Question: Can you provide additional color on performance by month for organic independent case growth? - Management noted strong performance in October, followed by impacts from the government shutdown in November and December, with a rebound in January despite weather challenges [33][34] Question: How did the pace of your sales force growth compare to recent quarters? - The sales force grew at approximately 6%, with consistent market share gains in independent accounts [35][36] Question: Can you discuss the dynamics at play for the food service business in Q2? - Management highlighted strong independent growth but noted higher-than-expected costs related to the Cheney acquisition and deflation in cheese and poultry impacting margins [40][42] Question: What is the outlook for the convenience segment's EBITDA margins? - Management expressed optimism about margin expansion due to growth in food service and the shift towards non-combustible nicotine products [44][46] Question: How is the integration of Cheney progressing? - The integration is on track, with some costs running higher than anticipated due to infrastructure investments, but overall performance is satisfactory [41][42] Question: What is the company's approach to M&A following the Cheney acquisition? - Management confirmed no change in M&A strategy, emphasizing collaboration and careful integration of acquisitions [57][58] Question: How does deflation impact margins? - Deflation primarily affects margins, particularly in cheese and poultry, where oversupply has led to lower prices [51][52]

Financial Data and Key Metrics Changes - PFG's total net sales grew by 5.2% in Q2 2026, with total company cases increasing by 3.4% [19] - Net income reached $61.7 million, a 45.5% increase year-over-year [21] - Adjusted EBITDA increased by 6.7% to $451 million, with diluted earnings per share at $0.39 and adjusted diluted earnings per share flat at $0.98 year-over-year [22] Business Line Data and Key Metrics Changes - Food service segment delivered 5.3% organic independent case growth, driven by a 5.8% independent account growth [7] - Convenience segment net sales increased by 6.1%, benefiting from market share gains and onboarding of new accounts [13] - Specialty segment saw modest improvement in top-line trends, with sales growth in vending, office coffee, retail, campus, and travel channels [16] Market Data and Key Metrics Changes - Industry-wide foot traffic decelerated, with December traffic down 3.5% [9] - Convenience segment sales were driven by low single-digit dollar growth from food and mid-teen non-combustible nicotine product sales growth [14] - Total company cost inflation was approximately 4.5%, with food service inflation at 1.8% and convenience cost inflation at 7.4% [20] Company Strategy and Development Direction - The company is focused on a three-year strategic vision aimed at revenue growth, market share gains, gross margin enhancement, and improving operating leverage [6] - PFG is committed to pursuing strategic M&A opportunities, with a robust pipeline and a history of successful acquisitions [25] - The integration of Cheney Brothers is expected to contribute significantly to revenue and profit growth in the future, with synergies anticipated to flow through in years two and three post-acquisition [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth and EBITDA performance despite a challenging macro environment [6] - The company anticipates a modest sequential decline in net interest expense and expects to maintain a tax rate close to historical averages [23][24] - Management remains optimistic about achieving the full-year guidance and the three-year projections announced at Investor Day [27] Other Important Information - The company generated $456 million of operating cash flow in the first half of 2026, an increase of $77 million compared to the same period last year [24] - PFG did not repurchase any shares under its share repurchase program in the quarter, prioritizing debt reduction instead [25] Q&A Session Summary Question: Can you provide additional color on performance by month for organic independent case growth? - Management noted strong performance in October, followed by a decline due to the government shutdown, with a rebound in January despite weather impacts [30][32] Question: How did the pace of your sales force growth compare to recent quarters? - The sales force growth remained consistent at around 6%, with a focus on market share performance [34] Question: Can you discuss the dynamics at play for the food service business in the second quarter? - Management highlighted strong independent growth but noted elevated operating expenses due to Cheney investments and deflation in cheese and poultry [38][40] Question: What is the outlook for the convenience segment's EBITDA margins? - Management expressed optimism about margin expansion due to growth in food service and non-combustible nicotine products [42][44] Question: How is the company managing procurement opportunities? - Management indicated confidence in achieving procurement synergies over the three-year plan, with progress expected in the back half of the year [47][49] Question: What is the impact of deflation on margins? - Deflation is expected to impact margins, particularly in cheese and poultry, which the company overindexes [50][91] Question: How does the company view the competitive environment? - Management noted consistent market share gains and did not observe significant changes in the competitive landscape [82]

Summary of Apollo Commercial Real Estate Finance (NYSE: ARI) Conference Call Company Overview - **Company**: Apollo Commercial Real Estate Finance, Inc. (ARI) - **Date of Call**: January 28, 2026 - **Speaker**: Stuart Rothstein, CEO Key Points Transaction Announcement - ARI has entered into a definitive agreement with Athene to sell its loan portfolio for a purchase price of **99.7%** based on total loan commitments, net of asset-specific CECL reserves, excluding two loans with a principal balance of **$146 million** expected to be repaid prior to closing [3][4] - The transaction is expected to provide ARI with approximately **$1.4 billion** of net cash after repayment of financing facilities and transaction expenses [4][6] Financial Implications - Post-transaction, ARI's common equity book value per share is expected to be approximately **$12.05** [4] - The purchase price represents a **23% premium** to ARI's recent trading levels and multiyear average price-to-book ratio [6] - ARI intends to pay a first-quarter dividend of **$0.25** per share, consistent with recent levels, targeting an approximately **8%** annualized yield based on post-transaction book value per share [7] Strategic Rationale - The transaction aims to close the valuation gap for ARI, as its common stock has traded at an average of **0.76** of net book value despite improving credit quality [5] - The sale validates ARI's book value and provides liquidity and balance sheet strength [6] - ARI's management will evaluate new commercial real estate strategies and consider strategic M&A opportunities to unlock additional value for stockholders [8][9] Future Outlook - If a new asset strategy or strategic transaction is not identified by year-end, Apollo intends to recommend exploring all strategic alternatives, including dissolution [9] - The management team will leverage Apollo's broader investment platform and origination capabilities to explore new strategies [9][10] - Apollo has agreed to a **50% reduction** in ARI's annual management fee rate, paid in shares of ARI common stock, to align interests with stockholders [10] Market Context - The demand for ARI's yield-generating assets is high in the private institutional market, which has influenced the timing of the transaction [5][6] - The strategic review will consider both internal and external opportunities, including potential M&A within the Apollo umbrella [39] Additional Considerations - The transaction includes a **25-day go-shop period** for the special committee to solicit additional interest in the portfolio [10][28] - ARI retains net equity interest in real estate properties valued at approximately **$466 million** as of September 30, 2025 [5] Conclusion - The transaction is viewed as a decisive step to unlock value not reflected in ARI's public market valuation, providing immediate validation of book value and positioning ARI for a new chapter with enhanced flexibility and liquidity [11]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Choreo, the registered investment advisor created in 2022 when private equity group Parthenon Capital lifted out the wealth management business of accounting firm RSM, has acquired the assets of Northeast Financial Group and Herbein Financial Group, Pennsylvania-based RIAs with $1.3 billion in combined assets. Choreo first made the connection with Northeast and Herbein through Cherry ...

Core Insights - ThermoFisher Scientific aims to enhance market share, pursue targeted mergers and acquisitions (M&A), and strengthen its comprehensive offerings for pharmaceutical and biotechnology clients as stated by CEO Marc N. Casper at the J.P. Morgan Healthcare Conference [1] Financial Performance - The company reported approximately $44 billion in revenue for 2025 and anticipates organic revenue growth of 3% to 6% for 2026 and 2027, with expectations to return to a growth rate of 7% or more starting in 2028 [2] Acquisitions and Strategic Moves - In February 2025, ThermoFisher acquired Solventum's purification and filtration business, which is expected to generate around $750 million in annual revenue, deliver single-digit organic growth, and yield $125 million in synergies by year five [3] - The acquisition of a manufacturing site from Sanofi is aimed at enhancing the company's drug product capabilities, supporting reshoring efforts, and increasing production capacity for clinical and commercial clients [4] - In October 2025, ThermoFisher announced a $9 billion acquisition of Clario, which is projected to add approximately $1.25 billion in annual revenue and positively impact earnings and margins [5][6] Capital Management - The company has adopted a balanced capital approach, deploying around $3 billion in share buybacks and returning $600 million through dividends in the previous year, demonstrating the ability to pursue strategic M&A while rewarding shareholders [7] Future Outlook - Casper emphasized that the selective acquisition strategy positions ThermoFisher to outpace market growth through 2026 and beyond, expanding capabilities in bioproduction, drug manufacturing, and clinical research [8]

Core Viewpoint - 2025 was a transformative year for Dolly Varden Silver, marked by strategic capital allocation and a focus on growth, resulting in significant value creation for shareholders [1][2]. Financial Performance - Dolly Varden Silver's market capitalization increased from approximately $304 million in 2024 to $590 million in 2025, reflecting a growth of over 93% [4]. - The company raised CAD $63 million in 2025 and ended the year with a cash position exceeding CAD $60 million [4]. - Following the uplisting to the NYSE American on April 21, 2025, the share price appreciated more than 62%, enhancing liquidity and institutional visibility [4]. Strategic Growth Initiatives - The company expanded its land holdings more than six-fold, from approximately 15,000 hectares to over 100,000 hectares, positioning itself as a district-scale silver company [5]. - Strategic acquisitions included properties such as Kinskuch, Theia, and Red Cliff, enhancing the exploration potential in the Golden Triangle [5]. Exploration Achievements - A 56,131-meter drill program was completed, one of the largest in the company's history, yielding high-grade results such as 1,422 g/t silver over 21.70 meters at the Wolf Vein [6][20]. - The exploration results indicate significant mineralization continuity across the district, reinforcing the view that the area remains underexplored [7]. Merger and Future Outlook - A merger with Contango ORE was announced, creating a new North American high-grade silver and gold producer, enhancing growth potential and operational expertise [8][10]. - The combined company will have a market capitalization of approximately US$812 million (C$1.1 billion), improving trading liquidity and institutional ownership [15]. - The 2026 exploration plan aims for resource growth and new discoveries, with ongoing due diligence for further strategic M&A opportunities [10][11].

Core Viewpoint - MHA, a UK member of Baker Tilly International, has agreed to acquire MS UAE for a total consideration of £7.4 million ($9.8 million) to enhance its international reach and target cross-border growth opportunities [1][4]. Group 1: Acquisition Details - The acquisition of MS UAE includes both Moore Stephens and Moore Stephens Consulting, which are well-established firms providing audit, tax, and advisory services across various sectors [2][5]. - The transaction is expected to be earnings enhancing within the first full financial year post-completion, with MS UAE projected to generate revenue of £6.5 million for the year ending December 31, 2025 [3]. Group 2: Company Background - MS UAE was founded in 1999 and operates from its headquarters in Dubai, with additional offices in Abu Dhabi and other key locations, authorized to deliver services throughout major free zones in the UAE [2]. - The firm is led by managing partner Farad Lakdawala and has a workforce of 95 employees, with three partners expected to continue with MHA after the acquisition [3]. Group 3: Strategic Intent - MHA's CEO, Rakesh Shaunak, emphasized that strategic M&A is crucial for the company's growth aspirations, positioning the acquisition as a step towards building a larger organization and enhancing client service [4][5].

Group 1: Investment Strategy Overview - Riverwater Partners' Small Cap Strategy reported solid results for Q3 2025 but lagged behind the benchmark due to the market's preference for lower-quality companies [1] - The strategy focuses on higher-quality companies with enduring fundamentals, consistent revenue, and a transparent path to profitability [1] - The firm believes the strategy is well-positioned despite the challenging market conditions [1] Group 2: Worthington Enterprises, Inc. Overview - Worthington Enterprises, Inc. (NYSE:WOR) is an industrial manufacturing company operating through Consumer Products and Building Products segments [2][3] - The one-month return for Worthington Enterprises was 9.63%, and its shares gained 51.15% over the last 52 weeks, closing at $57.74 per share with a market capitalization of $2.875 billion on December 15, 2025 [2] - The Consumer Products segment produces various items under well-known brands, while the Building Products segment manufactures pressurized containment solutions and benefits from profitable joint ventures [3] Group 3: Company Strategy and Positioning - Following its 2023 spin-off from Worthington Industries, Worthington Enterprises has repositioned itself as a focused, asset-light growth platform [3] - The company employs a three-pillar strategy of transformation, innovation, and strategic M&A to drive growth [3]

Core Insights - TransAlta Corporation has entered into a definitive share purchase agreement to acquire Far North Power Corporation for $95 million, enhancing its operations in Ontario with four natural gas-fired generation facilities totaling 310 MW [2][3][4] Acquisition Details - The acquisition price is $95 million, approximately $306 per kilowatt (kW), and will be financed through cash on hand and credit facilities [2][7] - The transaction is expected to close by early first quarter of 2026, subject to customary closing conditions and regulatory approvals [4] Financial Impact - The acquisition is projected to add approximately $30 million of average Adjusted EBITDA per year from the four facilities [4] - The assets will be immediately accretive to free cash flow and cash yield upon closing, with about 68% of the portfolio's gross margin contracted to 2031 [7] Strategic Positioning - This acquisition will enhance TransAlta's competitive position in Ontario, increasing its footprint from 990 MW to 1,300 MW [7] - The company anticipates long-term value from these assets due to their positioning for re-contracting opportunities and the optionality provided by the 167 acres of co-located land [3][4] Company Overview - TransAlta operates a diverse fleet of electrical power generation assets across Canada, the U.S., and Australia, focusing on long-term shareholder value [6] - The company is one of Canada's largest producers of wind and thermal power and has achieved a 70% reduction in GHG emissions since 2015 [6][8]