New York City-based Wildcat Capital Management sold out its position in TIC Solutions, Inc. (TIC 9.35%) during the third quarter, reducing exposure by 1.5 million shares with a net change of $16.56 million, according to a November 13 SEC filing.
What Happened
According to a filing with the Securities and Exchange Commission dated November 13, Wildcat Capital Management fully exited its position in TIC Solutions, Inc. (TIC 9.35%) during the third quarter. The fund divested 1.5 million shares, corresponding to a net position value change of $16.56 million.
What Else to Know
Wildcat’s stake in TIC had been 9.84% of fund AUM in the previous quarter.
Top holdings after the filing:
- NASDAQ: ULCC: $123.89 million (85.4% of AUM)
- NYSE: RLX: $16.88 million (11.6% of AUM)
- NASDAQ: ALLO: $3.62 million (2.5% of AUM)
- NASDAQ: TTAN: $417,235 (0.3% of AUM)
- NASDAQ: GTLB: $264,214 (0.2% of AUM)
As of Friday, shares of TIC were priced at $10.60, down about 19% since its New York Stock Exchange listing in February.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $10.60 |
| Market Capitalization | $2.33 billion |
| Revenue (TTM) | $1.10 billion |
| Net Income (TTM) | ($121.16 million) |
Company Snapshot
- TIC Solutions provides nondestructive testing, inspection, engineering, and laboratory testing services across the United States and Canada.
- The company operates through a network of facilities and field teams, serving clients in the industrial and infrastructure sectors.
- TIC employs over 11,000 people and is headquartered in Hollywood, Florida.
TIC Solutions, Inc. delivers specialized testing and inspection services to a range of industries, supporting operational safety and regulatory compliance for its clients.
Foolish Take
Wildcat Capital Management was founded in 2011 as the single-family office of David Bonderman, the billionaire co-founder of TPG who died in December 2024. This is not fast money. Historically, Wildcat has favored concentrated, long-term positions built around management partnerships and structural change. When that kind of capital exits entirely, it deserves attention.
The timing is notable. TIC Solutions recently reported third-quarter revenue of $473.9 million, up 56% year over year, alongside adjusted EBITDA of $77.3 million and an increased cost-synergy target following its NV5 merger. On paper, the business is scaling fast. Management reaffirmed full-year revenue guidance of roughly $1.55 billion and adjusted EBITDA of up to $250 million.
Yet Wildcat chose to fully liquidate a position that previously made up nearly 10% of its portfolio. That suggests this wasn’t a reaction to weak execution. It looks more like valuation discipline after a transformational year. TIC now carries heavy integration complexity, elevated leverage, and a balance sheet shaped by serial acquisitions. Sometimes the smartest capital leaves when the story gets obvious.
Glossary
13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
Divested: Sold off an asset or investment, fully or partially, to reduce or eliminate ownership.
Alpha: A measure of an investment's performance relative to a benchmark index, often the S&P 500.
Stake: The ownership interest or investment held in a company by an individual or institution.
TTM: The 12-month period ending with the most recent quarterly report.
Nondestructive testing: Inspection methods that evaluate materials or structures without causing damage.
Fund AUM: The total market value of assets managed by an investment fund.
Exposure: The amount of capital or risk allocated to a particular investment or asset.
Quarter: A three-month period used by companies and investors for financial reporting and performance measurement.
