Inside Milkwood Capital’s hands-on UK activist strategy
When COVID-19 hit in March 2020, Milkwood Capital had already transformed Menzies into a pure-play aviation business worth 30% of their portfolio. They’d split off the aviation operations from the newspaper distribution business, positioned it for sale, and even had an offer on the table in January 2020. They rejected it as too low.
Then the pandemic struck. Aviation stocks collapsed. Menzies fell nearly 90%.
The crisis became a crucible fo...
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