WhiteSand Research, LLC

WhiteSand Research, LLC is a minority-owned company offering research solutions to the financial industry, including institutional investors, hedge funds, and investment firms. Founded in 2006 as a boutique research group, we focus on proprietary research reports on publicly-traded companies facing event-driven catalysts, including mergers and acquisitions, corporate buyback situations, turnarounds, spin-offs, post-bankruptcies and capital  restructurings.

Producing quality, in-depth, and unbiased research to help our client's shape their investment processes has been the cornerstone of our company's success. WhiteSand Research employs a value-oriented, event-driven investment strategy that seeks to capitalize on the most inefficient and attractive investment opportunities.

The Corporate Restructuring Report-Harvest Oil & Gas Corp Emerges from...

On 9/20/18, Harvest Oil & Gas Corp. (OTC:HRST) started tradign on the OTC markets after having successfuly completed its restructuring plan and emerging from Chapter 11 bankruptcy on June 4, 2018. HRST, fomerly known as EV Energy Partners, had filed for bankruptcy under Chapter 11 on April 2, 2018.  In connection with the Plan, senior note holders received 95% of the reorganized stock, while existing stockholders received 5% equity in the new reorganized company.  The plan led to reduction of ~$...

REPORT- Eli Lilly and Company carves-out of its animal health business...

On September 20th, Eli Lilly and Company (NYSE:LLY) completed the carve-out of its animal health business into a separate public company, Elanco Animal Health Inc (ELAN). Lilly retained ~82.3%  interest (or 80.2% post underwriter dilution) in ELAN. The IPO was priced at $24/share. In our view, the separation follows a similar move taken by other pharma companies such as Pfizer, which separated its animal business under the name Zoetis. LLY reported strong 2018 earnings and raised its FY18 earni...

Honeywell International Inc. (NYSE: HON) completes Spin-off of its Tra...

On October 1st, 218, Honeywood International Inc. completed the spin-off of its transportation systems business into a separate company, Garrett Motion Inc. The spin-off was tax-free and and announced on October 10th, 2017. The spin-off is in line with management's strategy of shedding non-core businesses. HON expects organic sales growth rate,  better segment margin profile and improved cash conversion after the restructuring. We continue to believe the main trigger for the stock will be manag...

Report-ServiceMaster Global Holdings Inc. (SERV) & Frontdoor Inc. (FTD...

On October 1st, 2018, ServiceMaster Global Holdings Inc. (SERV) is set to complete the spin-off of ~80.1% stake in American Home Shield (AHS) Business into a separate public company, Frontdoor Inc. (FTDR). The parent will retain the Terminex (TMX) and Franchise Services Group (FSG) businesses as well as 19.9% stake in FTDR. The spin-off is anticipated to be tax-fee and was announced on July 26th, 2017. The spin-off makes sense given the diverging growth profiles of the two businesses. AHS is gen...

KLX Inc. (KLXI) & KLX Energy Services Holdings Inc. (KLXE) Spin-Off Re...

On September 14th, 2018, KLX Inc. (Nasdaq:KLXI) is expected to complete the spin-off of its Energy Services Group business into a separate public company,  KLX Energy Services Holdings Inc. (KLXE).  The remaining Aerospace Solutions Group (ASG) business will be sold for ~$4.25 billion to The Boeing Company.  The spin-off is anticipated to be taxable and was announced on May 1st, 2018. The spin-off makes sense given the lack of synergy between  the two businesses. Also, the energy services segmen...

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