ContextLogic
ContextLogic’s US Salt holds about 23% of the US and Canadian pharmaceutical-grade salt market, one of only two suppliers, supporting…
Substack
Kairos Research
Everything we have picked from this writer, newest first.
FTAI update.
FTAI Aerospace margins fell to 28.5% as it pursues airline market share, while Power signed a $1.465 billion hyperscaler order and targets…
Aimia. Allocator Takeover, Trading Below Book Value. A war-chest of cash ready to deploy
Aimia trades at 0.75 times pro forma book value, with C$163 million to C$192 million of cash after the Bozzetto sale and Rhys Summerton…
TIC Solutions Update: New performance framework and a path to $26+ per share.
TIC targets $3 billion of 2029 revenue, 18% adjusted EBITDA margin and 85% free cash flow conversion, requiring roughly $400 million of…
Kingsway Financial (Soon to be Kingsway Corporation)
Kingsway Financial, rebranding as $KWY, is building a Danaher-style search fund using legacy NOLs; warranty-margin pressure and 2.8x…
GPGI Inc.
GPGI, formerly CompoSecure, is David Cote’s $4.2 billion industrial acquisition platform, managed by Resolute Holdings for 2.5% of adjusted…
TIC Solutions: Thesis Check
TIC Solutions' NV5 merger lifted consulting and geospatial growth and margins, while its 52%-of-revenue inspection unit stayed flat after…
APi Group: How the story has evolved and what's next
APi Group hit its 13/60/80 targets in 2025, reporting $7.9 billion revenue, 13.2% EBITDA margin and 80% free-cash-flow conversion, then set…
FTAI Power and QXO's next aquistion
FTAI Power plans to convert CFM56 jet engines into 25 MW gas turbines for data centers, targeting 100 annual units and $750 million to $1…
ContextLogic
ContextLogic is acquiring US Salt for $907.5 million, pairing its $2.7 billion NOLs with an acquisition-led platform backed by Abrams…
QXO
QXO, Brad Jacobs’ building-materials distributor roll-up, targets rapid acquisitions and a $50 billion revenue run rate by 2032.
CSW Industrials
CSW Industrials has spent $1.7 billion on 20 acquisitions, building RectorSeal into a plumbing and HVAC/R platform expected to generate 79%…
Why I bought FTAI Aviation
FTAI Aviation’s engine exchange model, owned fleet and Chromalloy PMA partnership target lower-cost CFM56 and V2500 maintenance while…
Crane Co.
Crane Co. sells sole-source aerospace and process-control components, with 40% aftermarket revenue and margin expansion following its 2023…
Acuren Q2 Earnings review
Acuren's Q2 revenue rose 1.5% to $313.9 million before its NV5 merger; post-close selling drove TIC down 21% as management targets $20…
Lindbergh $LDB.MI
Lindbergh is shifting from overnight logistics to an Italian HVAC maintenance roll-up, targeting leadership in a fragmented market after…
AAON
AAON shares have fallen 45% from November 2024 highs as core HVAC bookings weaken, while BASX supplies hyperscale data-center growth.
API Group: A reasonable path to $50+ per share
API Group targets $10.4 billion of 2028 revenue and 16% EBITDA margins as recurring compliance inspections expand, supporting a $50-plus…
