We Seek To Build Sustainable Intrinsic Value

Our investment success has resulted from working constructively with boards and management

Air Transport Services Group

Worked with management and board to embrace efficient capital allocation and ROIC discipline through long-term dry lease contracts, fleet rationalization, streamlined operations and a diversified customer base.
Cost Plus World Market

Supported new management to restore core merchandising principles, re-engage traditional customer base, and reduce costs through more effective supply chain management and marketing.
Deckers Outdoor Corporation

Promoted change in strategy to rationalize retail footprint, focus on wholesale and e-commerce channels, streamline brand portfolio, right-size cost structure, and optimize capital structure.
Encore Capital Group

Worked with management and board to focus on core asset purchases, disciplined capital allocation and ROIC, more efficient operations, industry consolidation through acquisitions, international diversification and management succession.

Advocated exclusive focus on the company's profitable and growing home robots consumer business, exit from unprofitable business ventures; and a more efficient capital structure with a lower cost of capital.
Popeyes Louisiana Chicken

Promoted growth of franchise business vs. company-owned units, optimal capital structure and ROIC-driven capital allocation, and reduced corporate G&A expense in-line with peers.
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