2024-02-10 10:10:00 ET
Summary
- During the fourth quarter, we made one material new investment in London-listed IWG, a company that manages shared workspaces.
- We believe that the company’s improving business model gives IWG the opportunity to significantly grow earnings and see its multiple expand from today’s depressed level.
- The foundation of our investment in IWG is their partnership business.
- At the time of our purchases, in round numbers, IWG had a market capitalization of just under $2B USD and net debt of another $750M.
The following segment was excerpted from this fund letter.
INTERNATIONAL WORKPLACE GROUP ( IWGFF )
During the fourth quarter, we made one material new investment in London-listed IWG, a company that manages shared workspaces. IWG operates 19 different brands, the most well-known of which is Regus, that represent over 3,400 locations spread across 120 different countries serving 8 million customers ranging from freelancers looking for a desk outside of the home all the way up to multi-national companies....
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For further details see:
Greenhaven Road Capital - International Workplace Group: Not Just Being Different From WeWork