CA-INCLUSIVE-CAPITAL
Inclusive Capital Partners, L.P. (“In-Cap”) Founder, Managing Partner and Portfolio Manager, Jeffrey Ubben sent a letter to Mathieu Vrijsen, Chair of the Supervisory Board of Corbion N.V. yesterday urging the company to seek strategic alternatives given the “malaise, concern, and apathy” among its public shareholders. In the letter, Ubben further indicates that In-Cap has been in discussions with the company “over the past two and a half years.”
In addition to the attached letter, Ubben adds that, “Inclusive Capital (“In-Cap”) has been a meaningful shareholder in Corbion N.V. (“Corbion”) for more than two years. Today, funds managed by In-Cap own 10% of Corbion’s outstanding shares, making In-Cap the company’s second largest share owner.
The recent share price under-performance has been dramatic, particularly when considering that the company will grow cash flows approximately 15% this year. We have concluded that the company needs to proactively close the meaningful value gap that exists today.
In-Cap remains focused on long-term value creation at a select core group of its portfolio companies that offer compelling value optimization opportunities. Corbion is one such investment.”
The full letter can be accessed using the following link: In-Cap Letter to Corbion N.V..pdf
About Inclusive Capital Partners:
Inclusive Capital Partners is a San Francisco-based investment firm, founded in 2020 by a team of experienced investors with a shared passion for positively leveraging capitalism and governance in pursuit of a healthy planet and the health of its inhabitants. We partner with companies that enable solutions to address environmental and social problems and seek long-term shareholder value through active partnership with companies whose core businesses contribute solutions to this pursuit.
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