Carbondale Capital
Long only, value, growth at reasonable price

SAExploration: Buy At A Discount To Crescendo Partners And Joel Greenblatt - 110% Upside

Over the past few months, we have been following SAExploration (NASDAQ:SAEX) as a compelling long. However, recent events present such a buying opportunity that we felt motivated to take a position and write this article.

SAEX went public in a merger acquisition after being acquired by a SPAC, TRIO Merger Corporation. The mastermind behind TRIO is activist fund Crescendo Partners, headed by Eric Rosenfeld. Joel Greenblatt owns equity in Crescendo Partners and therefore also owns SAEX.

Crescendo Partners has had phenomenal prior success with its two prior SPAC investments:

  1. Arpeggio Acquisition Corporation became Hill International (NYSE:HIL):

    • From 2004 to 2008, HIL went up 285 percent.

  2. Rhapsody Acquisition Corporation became Primoris Services (NASDAQ:PRIM):

    • Since 2006,
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