Core Viewpoint - Manatuck Hill Partners has fully exited its position in BrightView Holdings, indicating a reassessment of exposure to specialty services businesses facing valuation pressure [2][11]. Company Overview - BrightView Holdings provides commercial landscaping services, including mowing, gardening, irrigation, snow removal, tree care, and landscape architecture [9][10]. - The company operates through two segments: Maintenance and Development, generating revenue primarily from recurring maintenance contracts and project-based development services [9][10]. - As of November 14, 2025, BrightView's market capitalization is $1.16 billion, with a revenue of $2.70 billion and a net income of $53.90 million [5]. Recent Performance - BrightView's stock price was $12.18 as of November 14, 2025, reflecting a 30% decline over the past year, significantly underperforming the S&P 500, which increased by 13% during the same period [4]. - The company reported a 3.6% decline in fourth-quarter sales to $702.8 million, with full-year revenue slipping by 3.4% [12]. - Despite operational progress, including record fourth-quarter adjusted EBITDA of $113.5 million and margin expansion of 170 basis points, the stock remains below its 2018 post-IPO highs [11][12]. Strategic Insights - The exit by Manatuck suggests a shift away from slower-growing service names towards higher-conviction positions, although there may still be potential opportunities in BrightView for investors willing to endure multi-year turnarounds [11][13].

Core Insights - Progeny 3 increased its stake in TIC Solutions by 255,800 shares, raising its total position to 15.3 million shares valued at $203.1 million, making it the fund's second-largest holding [2][8] - TIC Solutions shares are currently priced at $9.42, reflecting a 27.5% decline over the past year, underperforming the S&P 500, which has increased by 12.5% in the same period [3][10] - The company is undergoing a significant rebranding and integration process following the Acuren-NV5 combination, with management emphasizing accelerating synergies and a larger operational platform [6][10] Company Overview - TIC Solutions, formerly known as Acuren, operates within the specialty business services segment, employing thousands and maintaining a strong presence in North America [5] - The company focuses on high-value, compliance-driven testing and engineering services, which are essential for clients' operational safety and regulatory compliance [5] - TIC Solutions is projected to achieve full-year service revenue between $1.53 billion and $1.565 billion for 2025, with adjusted EBITDA expected to be between $240 million and $250 million [9] Investment Perspective - Progeny 3's increased investment in TIC Solutions indicates confidence in the company's strategic transformation and potential for future growth [6][10] - TIC now represents 10.5% of Progeny 3's U.S. equity portfolio, highlighting its status as a high-conviction holding [8] - Despite the current stock performance, the market has not fully recognized the potential of TIC's combined platform, suggesting possible upside if management's projections for synergy capture and margin expansion are realized [10]

Core Viewpoint - Cintas Corporation (CTAS) is a significant player in the specialty business services industry, with a market capitalization of $74.8 billion, providing a range of services including corporate identity uniforms and related business services [1][2]. Company Overview - Cintas Corporation is based in Cincinnati, Ohio, and offers uniforms, work apparel, entrance mats, restroom supplies, promotional products, document management, fire protection, and first aid and safety services [1]. - The company is categorized as a large-cap stock due to its market cap exceeding $10 billion, highlighting its size and influence in the industry [2]. Financial Performance - In Q1, Cintas reported an EPS of $1.20, exceeding Wall Street's expectation of $1.19, and revenue of $2.72 billion, surpassing forecasts of $2.69 billion [5]. - For the full year, Cintas anticipates EPS in the range of $4.74 to $4.86 and revenue between $11.1 billion and $11.2 billion [5]. Stock Performance - Cintas shares have experienced a decline of 18.9% from their 52-week high of $229.24, reached on June 6, and a 10.7% drop over the past three months [3][4]. - Year-to-date, shares have risen by 1.8%, but they have decreased by 17% over the past 52 weeks, underperforming the Industrial Select Sector SPDR Fund's (XLI) YTD gains of 16.6% [4]. Market Position - Cintas is facing competition from UniFirst Corporation (UNF), which has shown resilience with a 14.9% loss over the past 52 weeks, while UNF has had a marginal uptick on a year-to-date basis [6]. - Analysts maintain a "Moderate Buy" rating for Cintas, with a mean price target of $218.18, indicating a potential upside of 17.3% from current levels [6].