Turtle Creek - Welbilt Inc: The Middleby Acquistion Story

May 11, 2022 9:14 PM ETWelbilt, Inc. (WBT), MIDD7 Comments


  • Welbilt Inc. is a company we had followed for years, but only added to our portfolio in mid-2020.
  • In April of 2021, Welbilt announced it had agreed to sell to Middleby Corp.
  • The acquisition is yet to close and no one has come forward with a higher offer.

Welbilt Canada sign on the building in Mississauga, On, Canada.

JHVEPhoto/iStock Editorial via Getty Images

The following segment was excerpted from this fund letter.

Welbilt Inc. (NYSE:WBT)

Welbilt Inc. is a company we had followed for years, but only added to our portfolio in mid-2020.

As with many companies, its share

This article was written by

Single stock ideas excerpted from fund letters published by Seeking Alpha.

Additional disclosure: Information sources: Turtle Creek Asset Management Inc., Bloomberg.

Past performance must never be construed as investment advice or a prediction of future performance. We have expressed our own views and opinions in this document and these may change without notice and may differ from others in the industry. All statements, other than statements of historical fact, that address activities, events or developments that we believe, expect or anticipate will or may occur in the future (including, without limitation, statements regarding any objectives and strategies of a fund or outlooks for the portfolio companies) are forward-looking statements. These forward-looking statements reflect our current expectations, assumptions or beliefs based on information currently available. Forward-looking statements are inherently uncertain and subject to a number of risks that may cause the actual results of Turtle Creek Equity Fund (“TCEF”), Turtle Creek Investment Fund (“TCIF”), Turtle Creek Canadian Equity Fund (“TCCF”) or Turtle Creek United States Equity Fund (“TCUS”) (each, a “Fund”) to differ materially from those described in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, a Fund. Factors that could cause actual results or events to differ materially from current expectations include, among other things, length and severity of the pandemic, volatility in financial markets, fluctuations in currency exchange rates and interest rates, tax consequences, changes in applicable laws and other risks associated with investing in securities and those factors discussed under the section in the applicable offering memorandum of a Fund entitled “Certain Risk Factors”. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, we disclaim any intention or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although we believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed thereon.

© Turtle Creek Asset Management Inc.

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