Letters by company
Par Technology CORP
13 letters discussing PAR. Everything written about it on this site is on its ticker page.
- Greenhaven Road Capital Q4 2025 Greenhaven Road Capital groups Lifecore and Vistry as transformations whose operating progress has yet to be reflected in their valuations. It argues that fears around Burford, PAR, Cellebrite and KKR are overstated, while Hagerty’s State Farm rollout, operating leverage and marketplace expansion support its investment case. Q4 2025 BUR $772MCLBT $2.9BHGTY $4.8B
- Greenhaven Road Capital Q1 2024 Greenhaven Road Capital concentrates its case on PAR Technology’s restaurant software rollout and acquisitions, arguing that Burger King, Wendy’s and overseas expansion can turn contracted recurring revenue and new products into cash generation. It also backs Cellebrite, KKR, Burford and IWG on durable demand, while exiting Sphere after its venue-opening thesis matured. first quarter 2024 PAR $611MANY $33MBUR $772M
- Greenhaven Road Capital Q1 2019 PAR Technology entered the portfolio as management changes, new financing and a payments rollout improved the outlook for its Brink restaurant software business. Digital Turbine was added on the view that carrier relationships and app-install economics can expand, while Fiat Chrysler exposure shifted to long-dated options. Q1 2019 APPS $1.3BPAR $611METSY $6.8B
- Royce Investment Partners Royce Capital Fund–Micro-Cap Portfolio Manager Commentary Capital Micro-Cap concentrated its strongest holdings in AI infrastructure suppliers, while exiting PAR Technology and Forward Air after deteriorating economics. The portfolio added to PowerFleet and EVI Industries, and began reallocating technology winners toward discounted staffing, software, agriculture, commercial-vehicle and medical-technology opportunities. first half of 2026 AAOI $11BAIOT $364MAORT $1.1B
- Royce Investment Partners Royce Smaller-Companies Growth Fund Manager Commentary Royce Smaller-Companies Growth Fund favored health-care innovators, AI infrastructure suppliers, and data-center construction beneficiaries, trimming TTM Technologies, Penguin Solutions, and Legence after sharp re-ratings. It exited PAR Technology, Onterris, and Coastal Financial as execution, balance-sheet, and forecastability concerns outweighed their remaining upside. year-to-date period ended 6/30/26 ATEC $1.7BCCB $632MHNGE $7.9B
- Royce Investment Partners Royce Small-Cap Fund Manager Commentary Royce Small-Cap Fund favored Element Solutions, Onto Innovation, MKS, Ultra Clean Holdings, and Arcosa, citing AI-linked process complexity, semiconductor capacity investment, specialty chemicals, and infrastructure demand. It exited PAR Technology, ADMA Biologics, Kyndryl Holdings, and TransMedics Group as execution, balance-sheet, or earnings concerns weakened the original theses, while adding to MAXIMUS. year-to-date period ended 6/30/26 ACA $7.2BADMA $2.3BESI $9B
- Greenhaven Road Capital Q1 2025 Greenhaven Road increased Lifecore, Vistry and Hagerty after tariff-related selling, while retaining its core case for KKR, PAR and Cellebrite. It presents Kingsway as an underfollowed acquirer that can scale a search-fund model through operator-led purchases of small, asset-light businesses. Q1 2025 BUR $772MCLBT $2.9BKKR $80B
- Greenhaven Road Capital Q1 2023 Greenhaven Road Capital assesses portfolio durability through PAR Technology, KKR, Cellebrite and API Group, emphasizing recurring demand, balance-sheet strength and product-driven growth. It added special situations in Lifecore and Barnes & Noble Education, while underwriting Burford Capital’s litigation-finance franchise, fee opportunity and YPF claim recovery. Q1 2023 BUR $772MBNED $400MCLBT $2.9B
- Greenhaven Road Capital Q1 2022 Greenhaven Road Capital argues that valuation compression, rather than broken fundamentals, drove declines across KKR, PAR Technology, Elastic, Teladoc Health and Digital Turbine, and added to PAR and Teladoc. It also initiated a basket of U.S.-focused cannabis operators, betting that restrictive federal rules suppress valuations while state legalization and limited retail licenses support earnings. first quarter 2022 APPS $1.3BESTC $9.9BKKR $80B
- Greenhaven Road Capital Q1 2021 Greenhaven Road added to PAR Technology after its Punchh acquisition, arguing that an integrated restaurant-software platform could create pricing power. The portfolio emphasized Elastic, KKR, RCI Hospitality and Digital Turbine, while the manager sold Twitter after rapid appreciation and began building a selective SPAC and warrant-investing effort. first quarter 2021 APPS $1.3BESTC $9.9BKKR $80B
- Greenhaven Road Capital Q1 2020 Greenhaven Road Capital retained major positions in SharpSpring, Digital Turbine and PAR Technology, arguing that their balance sheets, management teams and competitive positions can withstand the pandemic disruption. It added smaller positions in Roku, Pinterest and Carvana while emphasizing businesses with variable costs and sufficient liquidity. Q1 2020 APPS $1.3BKKR $80BPAR $611M
- PenderFund Capital Management Ltd. Pender Small Cap Opportunities Fund - June 2026 Pender Small Cap Opportunities Fund increased cash and merger-arbitrage exposure while adding technology holdings and favouring catalyst-driven situations. It argues that McDermott’s rights issue should strengthen its balance sheet, views Kneat’s acquisition as evidence of small-cap technology undervaluation, and backs Telesat and MDA Space on government-linked demand and visible backlogs. Q2 2026 MCDIF $125MMDA $4.7BTSAT $680M
- Greenhaven Road Capital Main Fund Q2 Greenhaven Road Capital is reducing concentration, adding near-term catalysts and taking profits more readily while retaining its focus on advantaged businesses. It argues that Burford’s protein litigation, Hagerty’s insurer partnerships, Cellebrite’s Genesis launch, Lifecore’s strategic process and Kingsway’s search-model buildout can close valuation gaps. second quarter 2026 ANAB $1.4BBUR $772MCLBT $2.9B
