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Spin-Off Monitor
Costamare (CMRE) - Spin-Off: Costamare Bulkers Holdings Limited.
25Q1
Costamare Inc. (NYSE: CMRE) announced plans to spin off its dry bulk business into a separate, publicly traded company, Costamare Bulkers Holdings Limited, creating two distinct entities: Costamare Inc., which will focus on global container shipping and maritime leasing, and Costamare Bulkers Holdings Limited, dedicated to dry bulk vessel ownership and operations. The spin-off aims to provide investors with two pure-play opportunities, improve capital allocation, and drive operational efficiency. Shares of Costamare Bulkers Holdings Limited are expected to be listed on the NYSE, with the spin-off targeted for completion within the year, pending regulatory and board approvals. If executed, it is expected to be a pro rata distribution of Costamare Bulkers shares to Costamare Inc. shareholders.
Leer másMiddleby (MIDD) - Spin-Off: Middleby Food Processing
26Q1
Middleby (MIDD) plans to spin off its Food Processing business by early 2026, creating two distinct entities: Middleby Food Processing, specializing in industrial food processing equipment for protein, bakery, and snack industries ($801M FY24 revenue, $193M EBITDA), and Middleby RemainCo, which will focus on Commercial Foodservice ($2,419M FY24 revenue, $664M EBITDA) and Residential Kitchens ($725M FY24 revenue, $74M EBITDA). Middleby RemainCo’s EBITDA margins are projected to reach ~25% by 2028 (~30% for commercial, ~20% for residential), with mid-single-digit revenue growth, while Food Processing is expected to achieve 27%+ EBITDA margins with high-single-digit revenue growth.
Leer másAptiv (APTV) - Spin-Off: Electrical distribution business
26Q1
Aptiv (NYSE: APTV) announced its plan to spin off its EDS (Electrical Distribution Systems) business into a separate, publicly traded company by March 31, 2026, creating two focused entities: Aptiv, a global leader in advanced safety, electrification, and automation technologies, and EDS, a provider of low and high voltage electrical architectures for automotive and commercial vehicles. The separation aims to enhance strategic focus, optimize capital allocation, and unlock value, allowing each company to pursue distinct growth opportunities in their respective markets. Aptiv will retain its sensor-to-cloud technology stack, targeting mid-to-high single-digit revenue growth and high-teens-to-low-twenties EBITDA margins, with $12.1B in 2024 revenue. EDS, benefiting from rising EV adoption, is expected to achieve mid-single-digit revenue growth and high-single-to-low-double-digit EBITDA margins, with $8.3B in 2024 revenue. The tax-free spin-off, subject to board and regulatory approvals, will provide shareholders with pro-rata shares of EDS stock, enabling targeted investment in two independent, innovation-driven companies.
Leer másIAC (IAC) - Spin-Off: Angi
26Q1
IAC (NASDAQ: IAC) announced plans to spin off 85% of its stake in Angi, the home-services marketplace, as part of its strategy to streamline operations and enhance shareholder value. Angi is improving profitability through cost-cutting and service standardization, with growth expected to rebound by 2026. IAC’s $3B enterprise value (EV) is backed by public stakes in Angi ($820M) and MGM Resorts (~$2.4B). The remaining IAC “stub” includes Dotdash Meredith, a $300M EBITDA digital media business with AI and ad-tech potential (though burdened by $1.2B in segment debt); a 30% stake in Turo, a car-sharing platform growing at 22% CAGR with IPO plans by 2025; Care.com, a caregiver marketplace; and Vivian, a nursing job board. However, challenges remain, including high Holdco costs ($93M in corporate expenses and $77M in SBC), which consume two-thirds of stub EBITDA, and low valuation multiples for Dotdash Meredith compared to peers like Ziff Davis.
Leer másFedEx (FDX) - Spin-Off: FedEx Freight unit
26H1
FedEx (NYSE: FDX) announced plans to separate FedEx Freight into an independent, publicly traded company within the next 18 months, aiming to unlock shareholder value while maintaining key commercial and operational synergies. The tax-efficient spin-off will allow both FedEx and FedEx Freight to pursue distinct strategic, operational, and financial goals, enhancing growth opportunities and capital allocation flexibility. FedEx, with $78.3B in FY24 revenue, will continue transformational initiatives like DRIVE and Network 2.0, targeting $6B in cost savings by FY27. FedEx Freight, the largest LTL carrier, generated $9.4B in FY24 revenue and $1.8bn of EBIT, with industry-leading transit times and profit growth averaging 25% annually over five years. Post-separation, both companies will retain the FedEx brand, ensuring continuity in service, efficiency, and market leadership. The transaction, subject to regulatory and board approvals, is expected to maximize shareholder returns by creating two focused, well-capitalized companies with distinct investment profiles.
Leer másHolcim (HCMLY) - Spin-Off: North American business
25Q2
Holcim announced its plan to list its North American business in the U.S., executing a full capital market separation to create the leading pure-play building solutions company in the region. The newly listed North American entity will leverage its 850+ operations and market leadership in cement, aggregates, and roofing systems, aiming to surpass $20B in net sales and $5B in EBIT by 2030, with industry-leading margins exceeding 27%. The U.S.-listed company will adopt a tailored capital structure, benefiting from strong infrastructure investments and a pure-play focus on regional growth. Holcim, post-listing, will continue as a global leader in sustainable building solutions, targeting CHF 22B in net sales, CHF 4B in EBIT, and CHF 3B in free cash flow by 2030. With a focus on decarbonization, circularity, and high-margin solutions, it will pursue value-accretive M&A, particularly in advanced mortars and insulation. The Swiss-listed Holcim will maintain a strong footprint across Europe, Latin America, and Asia-MEA, delivering high margins, strong cash flows, and attractive shareholder returns through dividends and share buybacks.
Leer másComcast (CMCSA) - Spin-Off: Spin of cable networks business
25Q4
Comcast (NASDAQ: CMCSA) announced plans to spin off select NBCUniversal cable television networks into a new publicly traded company, SpinCo, in a tax-free transaction expected to be completed within a year. SpinCo will include USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel, along with digital assets such as Fandango, Rotten Tomatoes, GolfNow, and Sports Engine, creating a leading pure-play media company focused on news, sports, and entertainment. The company will reach approximately 70 million U.S. households and be led by Mark Lazarus as CEO and Anand Kini as CFO/COO. The spin-off will allow NBCUniversal to focus on streaming (Peacock), broadcast media, theme parks, and studios, while Comcast will sharpen its strategic focus on broadband, wireless, business services, and content investments. SpinCo, which generated $7 billion in revenue over the past year, will benefit from financial flexibility, dedicated leadership, and capital return policies, positioning it for long-term growth and potential acquisitions.
Leer másHoneywell International (HON) - Spin-Off: Advanced Materials Business
25Q4
Honeywell (NASDAQ: HON) announced plans to spin off its Advanced Materials business into an independent, publicly traded U.S. company by late 2025 or early 2026 through a tax-free transaction. The new pure-play specialty chemicals and materials company will focus on sustainability-driven innovation, leveraging leading brands like Solstice®, Spectra®, Hydranal®, and Aclar®, with FY24 estimated revenue of ~$3.8B and EBITDA margins exceeding 25%. The spin-off aligns with Honeywell’s strategic shift toward automation, the future of aviation, and energy transition, enabling greater financial flexibility, optimized capital allocation, and distinct investment profiles for both companies. The Advanced Materials business, with market leadership in fluorine products, electronic materials, industrial-grade fibers, and healthcare packaging, will benefit from enhanced strategic focus and innovation-driven growth opportunities. Honeywell, post-spin, will continue portfolio optimization, improving organic sales growth, cash flow generation, and reduced cyclicality, while maintaining its aggressive M&A strategy, having already deployed $9B in acquisitions in 2024 as part of a $25B capital allocation commitment through 2025.
Leer másFortive (FTV) - Spin-Off: Precision Technologies unit
25Q4
Fortive (NYSE: FTV) announced plans to spin off its Precision Technologies segment ("NewCo") into an independent, publicly traded company by Q4 2025 through a tax-free transaction. The separation will create two focused companies: Fortive, which will emphasize recurring revenue (50%+), software-driven solutions, and M&A for growth, and NewCo, a high-margin leader in test and measurement, specialty sensors, and aerospace and defense subsystems, positioned to capitalize on digital and electrification trends. Leadership changes will accompany the separation, with Olumide Soroye becoming CEO of Fortive, and Tami Newcombe leading NewCo, while current CEO James Lico and CFO Chuck McLaughlin retire. Fortive will prioritize capital allocation toward share repurchases (75% of free cash flow), dividends, and debt reduction before the spin.
Leer másTopgolf Callaway Brands (MODG) - Spin-Off: Topgolf
25H1
Topgolf Callaway Brands has announced its intent to separate into two publicly traded companies, creating Callaway, a leading golf equipment and active lifestyle company, and Topgolf, a pure-play venue-based golf entertainment business. The tax-free spin-off is expected to maximize shareholder value by allowing each company to pursue distinct growth strategies, capital structures, and investment theses. Callaway will retain its golf equipment, apparel, and Toptracer businesses, generating ~$2.5B in revenue, while Topgolf, with ~$1.8B in revenue, will focus on venue expansion, operational efficiency, and profitability. Callaway will retain existing financial debt, while Topgolf will be debt-free with a strong cash balance, ensuring financial flexibility. The spin-off, expected to be at least 80.1% of Topgolf shares, will also include ongoing commercial agreements, such as Callaway remaining Topgolf’s exclusive golf equipment partner.
Leer másDuPont (DD) - Spin-Off: Electronics businesse
25Q4
DuPont plans to separate into three standalone companies—New DuPont, Electronics, and Water—through a tax-free spin-off to shareholders, unlocking incremental value and enhancing strategic focus. New DuPont will remain a diversified industrial leader with iconic brands like Tyvek®, Kevlar®, and Nomex®, generating $6.6B in 2023 sales with a 24% EBITDA margin, focusing on healthcare, safety, construction, aerospace, and electric vehicles. Electronics will be a global leader in semiconductor and advanced electronics materials, benefiting from AI, smart vehicles, and IoT growth, with $4.0B in 2023 sales and a 29% EBITDA margin. Water will be a technology leader in filtration and purification, providing critical solutions for industrial, municipal, and life sciences water needs, generating $1.5B in 2023 sales with a 24% EBITDA margin
Leer másUnilever (UL) - Spin-Off: Ice cream business
25Q4
Unilever has announced plans to separate its Ice Cream business into an independent, world-leading company by end of 2025, while launching an €800 million productivity program to drive faster growth and higher margins. The spin-off will allow Unilever to focus on its core Beauty & Wellbeing, Personal Care, Home Care, and Nutrition segments, where it can leverage its innovation, marketing, and go-to-market capabilities more effectively. Ice Cream, which generated €7.9 billion in 2023 revenue and ~€1.2bn EBITDA has a distinct operating model and includes top global brands like Magnum, Ben & Jerry’s, and Wall’s. The most likely separation route is a demerger, but other options will be considered to maximize shareholder value. Additionally, Unilever’s productivity program aims to reduce complexity and enhance operational efficiency, offsetting potential dis-synergies from the Ice Cream separation while enabling further investment in brand growth and R&D. The program is expected to impact ~7,500 office-based roles globally and increase restructuring costs to 1.2% of Group turnover over three years. Post-separation, Unilever expects to deliver mid-single-digit sales growth and margin improvement, positioning itself as a higher-growth, higher-margin consumer goods company.
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