Bullpen.News From Edwin Dorsey
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Monday, September 21, 2026

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@KEDM_COM

KEDM.com on X

ADW Capital continues to increase its stake in Compass Diversified $CODI, now already reflecting 14%. It's also good to see insiders buying shares on the open market. We flagged CODI a few weeks ago. ADW is pushing for a liquidation, stating that a wind‑down could unlock over $26 p/s, well above the current price. As a reminder, CODI’s share price collapsed last year on the accounting mess at its sub Lugano, forcing CODI to declare its 2022-24 financials unreliable. Lugano had hidden financing arrangements and misstated sales, inventory, and receivables. The fallout pushed CODI into forbearance, dividend suspension, reduced borrowing capacity, and eventually covenant breaches. The company has already questioned its ability to continue as a going concern; i.e., there is a good chance they'll liquidate.
@DOMOCAPITAL

DOMO Capital Management, LLC on X

$MNRO must buy all lubricants, non-lubes and service chemicals from Valvoline and can't market competing products. This is an in-depth partnership. Could there be a price increase? Sure, prices have already gone up this year quite a bit, but it won't be the price gouging type of supply that shops with no vendor will be facing. Two main points here. $MNRO is not in danger of running out of supply and if the price does increase, it won't be to the level of competitors without this type of relationship. I had a discussion with a manager at TiresPlus that points to exactly this. Prices so far this year have increased, but he said that the pricing he is getting from vendors he doesn't have a relationship with is multiples higher and he's going to have to pull the trigger with one of them within weeks.
@DOMOCAPITAL

DOMO Capital Management, LLC on X

Nice call - 100% agree! Having an exclusive retail partnership with Valvoline may make them even more attractive to a potential buyer now. Did you listen to the CEO speak last week? He know his stuff and they are already winning market share... What also makes this interesting is that not only does a sale to Mavis (who bought Pep Boys) make sense, but so does a piecemeal sale since $MNRO has very distinctive brands in different geographical locations.

Investor Letters

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