Garden Investment Management, L.P. (GIM) reports holding an approximate mid‑single‑digit stake in Middleby Corporation and has indicated a cooperative engagement approach with the company’s Board and management. Public filings should be consulted for the precise ownership percentage, dates, and terms of any cooperation agreement or board appointments. The activist strategy is intended to be constructive: partner with the Board and management to accelerate value creation through operational improvements, portfolio discipline, and a clearer capital allocation framework. Any standstill, voting, or non‑disparagement commitments referenced should be interpreted solely as summarized from, and subject to, the governing public agreements and policies.Middleby is a diversified foodservice, residential, and food processing equipment company with durable brands. Investor perception has been influenced by mixed end‑market trends (e.g., restaurant capex normalization and residential softness), integration complexity from years of M&A, and cyclicality concerns. GIM’s thesis is that Middleby can potentially deliver stronger free cash flow conversion and structurally higher returns on invested capital by tightening cost controls, simplifying the portfolio, and reallocating capital toward the highest‑return opportunities—while maintaining innovation leadership in core categories.Operations: opportunities may include standardizing procurement, rationalizing SKUs, and optimizing the manufacturing footprint, particularly across overlapping subscale brands acquired over time. A cohesive lean program and working capital discipline (inventory turns, vendor terms, and service parts logistics) could release cash and support margin resilience through cycles. Portfolio: a formal strategic review could identify non‑core or subscale assets in Residential and smaller niches within Commercial/Processing that dilute focus and valuation. Divestitures of such assets could simplify reporting, reduce complexity, and fund buybacks or reinvestment in advantaged categories (e.g., high‑throughput and energy‑efficient commercial kitchen platforms). Capital allocation: the company could articulate a clearer hierarchy—organic innovation and high‑return capacity upgrades first, then opportunistic repurchases when valuation discounts persist, and highly selective M&A with strict return hurdles and post‑merger integration scorecards.Governance and incentives are an enabling layer. With a GIM representative expected to serve on the Board subject to the terms of any cooperation agreement and fiduciary duties, GIM intends to support management in establishing explicit KPI targets for margin expansion, cash conversion, and ROIC, paired with compensation alignment. Enhanced disclosures on segment economics and capital returns could improve investor understanding and reduce any perceived conglomerate discount. All governance actions would be undertaken consistent with applicable agreements, policies, and the director’s fiduciary duties.Expected timing (illustrative): near term (next 3–6 months) to initiate an operational and portfolio review and frame non‑core options; medium term (6–12 months) to implement cost and working capital programs, announce initial actions, and refine capital return; and 12+ months to demonstrate sustained FCF conversion and ROIC uplift. No specific M&A or restructuring action is predetermined. The campaign aims to pursue tangible, trackable improvements that could re‑rate Middleby toward peer top‑quartile margins and cash generation, subject to market conditions and Board oversight. Forward‑looking targets are illustrative and not guarantees.

Activist campaign demanding Solventum restore performance to historical levels after an alarming post-spin decline. Trian argues that despite being 3M's best-performing division with consistent 3-4% organic growth at 26% EBIT margins, Solventum now delivers near-zero growth at 20% margins—making it one of the worst-performing spins in a decade. The campaign calls for an ambitious Long Range Plan that reverses declines through increased growth investments funded by overhead savings, portfolio simplification of non-core businesses (Dental, Health Info Systems, Purification & Filtration), and disciplined capital allocation including deleveraging and eventual shareholder returns.

Elliott's 6.7% stake resulted in May 2013 settlement with three Elliott board nominees, CEO/Chairman separation, and significant asset sales including retail gas stations.

Elliott's $1 billion stake (~4%) successfully pushed for CEO Jack Dorsey's resignation and focused leadership. Jesse Cohn joined board. Campaign concluded profitably during Musk acquisition.

Elliott acquired a $2.5 billion position in Texas Instruments, engaging constructively to achieve $9 free cash flow per share target by 2026 through operational improvements and capital allocation optimization.

Elliott took a sizable stake in Starbucks, successfully pushing for CEO change from Laxman Narasimhan to Brian Niccol (Chipotle CEO) to improve operational performance and shareholder value.

Elliott's $3.2 billion stake (1.2%) led to CEO Randall Stephenson's departure, $30 billion buyback commitment, and strategic asset sales including DirecTV spinoff.

Elliott acquired a £3.8 billion stake (5%) in BP, pushing for increased oil and gas production over renewables focus to maximize shareholder returns during the energy transition.

Elliott's >4% stake campaign resulted in highly successful asset sales: StubHub sold for $4.05 billion and Classifieds for $9.2 billion. Jesse Cohn joined the board as part of settlement.

Elliott acquired a $1.9 billion stake (~10%) in Southwest Airlines, pushing for leadership changes and operational improvements. Successfully secured Chairman Gary Kelly's resignation effective 2025 and obtained 5 board seats in settlement agreement.

Ananym Capital Management launched an activist campaign against Henry Schein in November 2024, calling for board refreshment, leadership succession planning, cost reduction measures, and consideration of strategic alternatives including the potential sale of the medical distribution business. The campaign centers on concerns about CEO Stanley Bergman's succession planning (age 75, 40+ year tenure), excessive costs, and undervaluation of the stock.