Watch the interview below, or click HERE: CorpGov hosted a fireside chat on Feb. 3 from the floor of the New York Stock Exchange with Keith Rosenbloom, Founding and Managing Member at Cruiser Capital Advisors. The in-person interview was joined by Editor-at-Large Jarrett Banks, and they discussed investing in FTAI Aviation Ltd. (Nasdaq: FTAI) and CRH plc (NYSE: CRH), why he likes SunOpta Inc. (Nasdaq: STKL) and the importance of good governance for public companies. About Keith Rosenbloom Keith has manage ...

This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Dive Brief: Golden Gate Capital has sold Bob Evans Restaurants to 4x4 Capital, according to a Thursday press release. Terms of the transaction were not disclosed. The private equity firm bought Bob Evans Restaurants for $565 million in 2017 following Bob Evans Farms spin off of its restaurant division. Like many other casual chains, Bob Evans has struggl ...

Financial Data and Key Metrics Changes - The company generated full-year Adjusted EBITDA of $2.4 billion, a decrease from $2.6 billion in 2024, reflecting lower ownership in three businesses following partial sales [17] - Adjusted EFO for the year was $1.2 billion, including $161 million of net gains during the year [17] - Excluding tax credits and the impact of acquisitions and dispositions, Adjusted EBITDA was $2.1 billion, compared to $2 billion in the prior year [17] Business Line Data and Key Metrics Changes - The industrial segment generated full-year Adjusted EBITDA of $1.3 billion, up from $1.2 billion last year, with a 10% increase excluding acquisitions and dispositions [17][18] - The business services segment generated full-year Adjusted EBITDA of $823 million, down from $832 million last year, but increased approximately 5% on a same-store basis [18][19] - The infrastructure services segment generated full-year Adjusted EBITDA of $436 million, down from $606 million last year, impacted by the sale of operations and lower terminal deliveries [19][20] Market Data and Key Metrics Changes - North America is benefiting from easing rates, steady consumer spending, and resilient labor markets, although growth remains challenging in certain end markets [10][11] - In Europe, conditions are more challenging with slower activity in cyclical and industrial end markets, but there are early signs of improvement supported by fiscal spending and stabilizing energy prices [11] Company Strategy and Development Direction - The company is close to completing a corporate reorganization to become a single, newly listed corporation, which is expected to improve trading liquidity and increase index-driven demand for shares [5][6] - The strategy focuses on operational excellence and capital recycling, with significant investments in growth acquisitions and stock repurchases [4][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market backdrop, highlighting that the trading price is 50% higher than a year ago but still at a discount to NAV [8] - The company is well-positioned with capital and capabilities to continue building value in 2026, with a strong focus on operational improvements and cash generation [9][15] Other Important Information - The company ended the year with approximately $2.6 billion of pro forma liquidity at the corporate level, providing significant flexibility for growth and capital allocation [20][21] - The company has repurchased approximately $235 million of its units and shares, remaining committed to completing its $250 million buyback program [21] Q&A Session Summary Question: Clarios performance and monetization - Management indicated that Clarios is generating significant free cash flow and the 45X tax credits will enhance cash for reinvestment, with various options for returning cash to shareholders [23][24] Question: Scientific Games earnings trajectory - Management noted that while there is a strong pipeline for Scientific Games, it takes time for earnings to materialize, and they remain cautiously optimistic about the business [26][27] Question: Balance between reducing leverage and pursuing growth - Management emphasized that growing EBITDA will naturally reduce leverage, and they are focused on growth while managing debt levels [28][29] Question: Update on CDK operations - Management reported strong renewal activity and a focus on stabilizing churn through modernization and customer relationship solidification [42][43] Question: Deployment of capital and acquisitions - Management expressed confidence in continuing the momentum of acquisitions into 2026, with several opportunities being explored [45]

Core Insights - Hardman Johnston Global Equity Strategy reported a return of 2.91% for Q4 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - The Financials and Consumer Staples sectors contributed positively to performance, while the Industrials and Consumer Discretionary sectors detracted from it [1] Company Summary: Corteva, Inc. (NYSE:CTVA) - Corteva, Inc. operates in the Seed and Crop Protection segments, with a one-month return of 8.91% and a 12.31% increase over the last 52 weeks [2] - As of January 27, 2026, Corteva's stock closed at $73.00 per share, with a market capitalization of $49.33 billion [2] Investment Decision on Corteva, Inc. - The company liquidated its position in Corteva, Inc. due to management's commentary on a potential separation of its Seeds and Crop Protection businesses, which raised concerns about value creation [3] - The Seeds business, accounting for approximately two-thirds of profits, may command a premium multiple, but this could be offset by a lower valuation for the Chemicals business, limiting net value unlock [3] - Strategic credibility concerns arose from the separation narrative, which contradicted previous management messaging about the complementary nature of Seeds and Chemicals [3] - Deteriorating agricultural fundamentals, such as increased U.S. corn acreage and challenges in soybean markets, could pressure farmer spending on inputs [3] - The combination of elevated valuation, strategic uncertainty, and weakening agricultural fundamentals led to the decision to exit the position in Corteva, Inc. [3]

Financial Data and Key Metrics Changes - In 2025, the company achieved operating income of $1.5 billion and net income of $1.2 billion, equating to $7.99 per diluted share [16] - Cash flow from operations was $1.4 billion, with liquidity remaining strong at over $2.2 billion [17][21] - For Q4 2025, net income was $266 million, or $1.82 per diluted share, with revenue at $4.4 billion [17] Business Line Data and Key Metrics Changes - Steel operations generated operating income of $1.4 billion in 2025, down from $1.6 billion in the prior year, despite record steel shipments of 13.7 million tons [17][18] - The mills recycling operations saw operating income of $97 million, nearly 30% higher than 2024, while Q4 income declined due to lower pricing [18][25] - Steel fabrication platform earnings were $407 million for the year, lower than the previous year, but Q4 operating income was $91 million, indicating a solid demand for steel joists and deck [19][25] Market Data and Key Metrics Changes - The domestic steel industry operated at a production utilization rate of 77%, while the company's mills operated at 86%, showcasing a competitive advantage [26] - Long-product steel markets remained strong throughout 2025, with expectations for continued demand and pricing stability [28] - The automotive production estimates for 2026 are expected to remain similar to 2025, with dealer inventories declining further [28] Company Strategy and Development Direction - The company focuses on strategic organic investments in steel and aluminum products, aiming for differentiated product offerings and value creation for stakeholders [8][9] - The proposed acquisition of BlueScope is seen as a strategic move to unlock value in North American assets, despite the rejection of the offer by BlueScope's board [9][10] - The company emphasizes a disciplined capital allocation strategy, prioritizing high-return growth and maintaining investment-grade credit metrics [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the demand for diversified value-added steel products, supported by ongoing infrastructure spending and manufacturing onshoring [28] - The aluminum segment is expected to grow significantly, with a domestic supply deficit forecasted to increase, providing opportunities for the company [30] - The company remains committed to achieving a zero-incident safety environment and continues to prioritize safety culture [6] Other Important Information - The company issued $800 million in investment-grade unsecured notes to redeem existing notes and for general corporate purposes [22] - Capital investments for 2026 are projected to be around $600 million, with a focus on maintaining strong cash flow generation [22][23] - The company repurchased $900 million of common stock in 2025, reflecting confidence in future growth [22] Q&A Session Questions and Answers Question: Update on aluminum rolling mill utilization - The aluminum rolling mill is expected to reach 90% utilization by the end of 2026, with positive EBITDA anticipated to continue through the year [39][40] Question: Investment capacity and balance sheet comfort level - The company maintains a balance sheet with considerable capacity, aiming to remain under a 2x net leverage ratio while improving structural EBITDA [41][42] Question: Status of the four value-add lines and Sinton - The four value-add lines are operating well, and Sinton is expected to converge with other facilities in terms of operational capability [47][49]

Core Viewpoint - LAURION Mineral Exploration Inc. is focused on advancing its flagship Ishkōday Project in 2026 to enhance asset positioning and maximize long-term shareholder value [1][3][13] Strategic Focus - The primary objective for 2026 is the technical advancement and development of the Ishkōday Project, with a disciplined, milestone-driven approach [2][11] - The company aims to complete a mineral resource estimate (MRE) and a preliminary economic assessment (PEA) in accordance with NI 43-101 standards [3][4] Strategic Alternatives Evaluation - LAURION has initiated a structured strategic review process, including a special committee and financial advisors, to explore potential strategic alternatives [3][4] - External advisors have indicated that while there is interest in high-quality Canadian gold assets, it remains selective, emphasizing the need for continued technical advancement of the Ishkōday Project [3][4] Technical Development - The company has developed a comprehensive geological dataset at Ishkōday and is implementing a structured technical program to support mineral resource development [5][11] - The technical focus includes integrating geological information to refine mineralized envelopes and executing drilling within validated zones to enhance geological models [6][7] Investor Engagement - LAURION will participate in the Vancouver Resource Investment Conference (VRIC) 2026 to engage with investors and discuss ongoing work at the Ishkōday Project [8] - The company emphasizes transparent communication and alignment with its milestone-driven strategy to ensure investor understanding [2][8] Company Overview - LAURION is a mid-stage junior mineral exploration company with 278,716,413 common shares outstanding, of which approximately 73.6% are held by insiders and long-term investors [10] - The Ishkōday Project is a 100%-owned, district-scale land package of 57 km² hosting gold-rich polymetallic mineralization [11][12]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Analysis - The company has a strong focus on corporate earnings and financial statement analysis, aiming to provide actionable investment ideas [1] - The expertise in model validation and stress testing enhances the company's ability to assess financial health and market conditions [1] Group 2: Industry Trends - There is a significant interest in macroeconomic trends, which are crucial for understanding market dynamics and potential investment opportunities [1] - The approach combines rigorous risk management with a long-term perspective on value creation, reflecting a strategic alignment with industry best practices [1]

Core Viewpoint - Friedland Enterprises has acquired approximately 5% of Lulu's Fashion Lounge Holdings, Inc. and is advocating for immediate governance reforms to enhance shareholder value [1]. Financial Performance - Lulu's Fashion Lounge Holdings has achieved two consecutive quarters of positive Adjusted EBITDA and expanded gross margins by over 450 basis points [2]. - The stock is currently trading at approximately 0.05x trailing revenue, significantly lower than comparable company REVOLVE Group, which trades at 1.35x revenue, indicating a 27x valuation gap [2]. Governance and Strategic Proposals - Mr. Friedland emphasizes the need for governance reform, transparency, and strategic direction to complement the operational turnaround already in progress [3][5]. - The proposed eight-point value creation plan includes: - Reducing authorized shares from 250 million to 10 million to eliminate dilution concerns [7]. - Reconstituting the Board of Directors to remove underperforming members and add those with relevant expertise [7]. - Suspending cash board compensation until stock reaches $10 per share and implementing performance-based equity compensation [7]. - Returning founder Colleen Winter to the Board with merchandising authority [7]. - Hiring a permanent Chief Financial Officer within 120 days [7]. - Replacing the investor relations function and launching quarterly investor presentations with detailed KPIs [7]. - Forming an independent Special Committee to evaluate strategic alternatives, including potential sale or merger scenarios [7]. Leadership Background - Mr. Christian Friedland, founder of Friedland Enterprises, has extensive experience in consumer e-commerce operations and public company governance, having served as CEO of Build.com for 17 years [6].

Core Insights - Almonty Industries Inc. had a highly successful calendar year in CY25, marked by significant achievements including a Nasdaq listing, raising over US$200 million in capital, and advancing multiple mining projects [1] Group 1: Financial Achievements - The company raised over US$200 million in fresh capital, which is a substantial financial milestone [1] - The successful listing on the Nasdaq composite represents a key strategic move for the company [1] Group 2: Project Developments - Almonty acquired a tungsten project in Montana, U.S., expanding its operational footprint [1] - The development of the mine in Portugal has progressed, indicating ongoing investment in international projects [1] - The Sangdong mine in South Korea has commenced production, contributing to the company's operational capabilities [1] Group 3: Future Outlook - The company’s leadership suggests that the real value creation may still lie ahead, indicating potential for future growth and opportunities [3]

Transaction Overview - OCI and Orascom Construction are combining to form a single Abu Dhabi-listed entity named "Orascom", with a secondary listing in Egypt[20] - OCI will receive 97,201,359 new Orascom Construction shares, resulting in approximately 47% ownership of Orascom Construction post-deal[20] - OCI shareholders will receive 04634 Orascom Construction shares for every 1 OCI share[20] Strategic Rationale and Value Creation - The combined entity aims to create a scalable infrastructure platform, delivering recurring sustainable income and strong returns by integrating concessions, EPC, and financing expertise[5] - The platform has a proven investment track record generating 39% IRR since 1999[7] - OCI realized over $116 billion in gross proceeds from divestments between 2023-2025 and has returned ~$7 billion to shareholders since 2022[29] - Orascom Construction's backlog reached $86 billion in 9M 2025, an 8% year-over-year growth[31] Market Positioning and Growth - Orascom Construction's 9M 2025 revenue was $34 billion, a 47% year-over-year growth, with EBITDA of $224 million, a 98% year-over-year growth[31] - The combined entity is strategically positioned to benefit from mega trends in infrastructure, water, energy, and mobility[17] - Weitz Company, acquired by Orascom Construction in 2012, has quadrupled its backlog and experienced a 58% CAGR in data centers[48] BESIX Group - OC acquired 50% of BESIX in 2004 for EUR 1875 million and has since received cumulative dividends of approximately EUR 280 million[57] - BESIX Group's backlog reached EUR 72 billion in 9M 2025[54]