Core Insights - 59 North Capital Management sold 208,619 shares of SiteOne Landscape Supply, valued at approximately $26.41 million based on Q4 average pricing [2][6] - The value of SiteOne's position decreased by $33.04 million, reflecting both share sales and price changes [2] - SiteOne's shares are currently priced at $140.14, showing a 13% increase over the past year, slightly underperforming the S&P 500's 16% gain [7] Company Overview - SiteOne Landscape Supply reported a total revenue of $4.70 billion and a net income of $151.80 million for the trailing twelve months (TTM) [4] - The company has a market capitalization of $6.2 billion [4] - SiteOne operates a wholesale distribution model, offering around 180,000 SKUs, including irrigation supplies, fertilizers, and outdoor lighting products [8] Financial Performance - In 2025, SiteOne's net sales increased by 4% to $4.7 billion, with net income rising by 23% to $151.8 million [10] - Adjusted EBITDA grew by 10% to $414.2 million, and operating cash flow reached $300.5 million [10] - The gross margin improved to 34.8%, with a conservative net debt to EBITDA ratio of 0.8x [10] Market Position and Strategy - SiteOne is a leading distributor in North America, leveraging its scale and consultative services to provide comprehensive solutions to landscape professionals [5] - The company expects low single-digit organic growth in 2026, along with further margin expansion [10] - Despite the recent stake reduction, SiteOne remains a significant 6% of 59 North's reported assets, indicating a focus on risk management rather than a change in investment thesis [9]