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,
Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details