Connecticut-based Manatuck Hill Partners fully exited its position in BrightView Holdings (BV 1.23%) during the third quarter, reducing its stake by 467,000 shares in a move valued at about $7.8 million, according to a November 14 SEC filing.
What Happened
According to a November 14, 2025, SEC filing, Manatuck Hill Partners sold its entire holding in BrightView Holdings (BV 1.23%). The fund’s position declined by 467,000 shares, with the estimated transaction value based on quarterly average pricing at $7.8 million.
What Else to Know
The fund's BrightView stake was previously 2.9% of its reportable AUM as of the prior quarter.
Top holdings after filing:
- NYSE: ZETA: $14 million (4.6% of AUM)
- NASDAQ: REAL: $13.6 million (4.6% of AUM)
- NYSE: IMAX: $11.1 million (3.8% of AUM)
- NASDAQ: OPRX: $9.7 million (3.3% of AUM)
- NYSE: HLF: $8.4 million (2.9% of AUM)
As of Friday, shares of BrightView were priced at $12.57, down 30% over the past year and well underperforming the S&P 500, which is up 13% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-14) | $12.18 |
| Market Capitalization | $1.16 billion |
| Revenue (TTM) | $2.70 billion |
| Net Income (TTM) | $53.90 million |
Company Snapshot
- BrightView Holdings provides commercial landscaping services such as mowing, gardening, irrigation, snow removal, tree care, and landscape architecture through Maintenance and Development segments.
- The company generates revenue primarily from recurring maintenance contracts and project-based development services for commercial, residential, and institutional properties.
- It serves a diverse customer base, including corporate campuses, office parks, homeowners' associations, educational institutions, public parks, and healthcare facilities.
BrightView Holdings, Inc. is a leading provider of commercial landscaping services in the United States, operating at scale with over 19,000 employees and a broad national footprint. The company leverages a dual-segment model—recurring maintenance and project-based development—to drive stable cash flows and capture growth opportunities in property services. Its extensive customer base and specialized service offerings contribute to a strong competitive position in the specialty business services industry.
Foolish Take
Manatuck's full exit from BrightView might suggest that even funds with a tolerance for turnaround stories are reassessing exposure to specialty services businesses facing extended valuation pressure. BrightView has shown operational progress — delivering record fourth-quarter adjusted EBITDA of $113.5 million, margin expansion of 170 basis points, and a second straight year of improved profitability. However, shares remain far below their 2018 post-IPO highs, and that disconnect continues to test investor conviction.
The firm’s exit also comes as BrightView’s revenue base is still contracting. Fourth-quarter sales fell 3.6% to $702.8 million, weighed down by declines in both maintenance and development Services. Full-year revenue slipped 3.4%, though the company is guiding to modest top-line growth and additional margin expansion in fiscal 2026.
For portfolio watchers, it’s notable that Manatuck is reallocating away from slower-growing services names and toward higher-conviction positions, but there are potential bright spots in BrightView for investors who can tolerate multi-year turnarounds.
Glossary
Exited its position: When an investor sells all shares of a particular investment, fully closing out their holding.
Stake: The amount of ownership or investment a fund or individual holds in a company.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Reportable assets under management: The portion of a fund’s assets required to be disclosed in regulatory filings.
Quarterly average pricing: The average price of a security over a specific quarter, used for valuation estimates.
Top holdings: The largest investments in a fund’s portfolio, typically ranked by value or percentage of AUM.
Maintenance segment: The part of a business focused on ongoing, recurring services such as landscaping upkeep.
Development segment: The business area handling project-based services, like new installations or major upgrades.
Recurring maintenance contracts: Agreements for ongoing, repeated services provided over a set period, often generating steady revenue.
Project-based development services: One-time or short-term services focused on specific projects, rather than ongoing contracts.
Specialty business services industry: A sector providing specialized services to businesses, such as landscaping, security, or facility management.
TTM: The 12-month period ending with the most recent quarterly report.
