Greystone Capital Partners

What it bought and sold

• AddedShift4 TechnologiesJun 2026

  I’ve been adding to our position.

• AddedKits EyecareJun 2026

  I’ve been adding to our position as the thesis plays out and expect another strong year during 2026 and 2027 as KITS glasses business continues to grow and as they expand into new geographies and reach new customers.

• AddedPitney BowesJun 2026

  This is the first time I’ve written about our investment in Pitney Bowes, which we started purchasing in 2025 and have continued adding through volatility.

Also held

• Secure Waste Infrastructure
• Natural Resource Partners

Its investment theses

• LimbachJun 2026Limbach has an overlooked asset-light recurring service business inside a misunderstood mechanical contractor label, with faster growth and higher margins than the consolidated GAAP numbers imply.
• APi GroupJun 2026APi Group is a durable business whose mix shift toward recurring inspection and monitoring work increases margins, cash flow, and reduces cyclicality.
• Secure Waste InfrastructureJun 2026Secure Waste Infrastructure was misread as a low-margin commodity business even though its permitted waste facilities function as regional monopolies.
• Pitney BowesJun 2026Pitney Bowes is a neglected but durable installed-base and presort business with pricing power, strong capital allocation, and multiple re-rating potential.
• Kits EyecareJun 2026Kits Eyecare has a hard-to-replicate price and convenience moat, improving customer behavior, and a long growth runway.
• Shift4 TechnologiesJun 2026Shift4 Technologies has integrated payments exposure, differentiated software, strong cash conversion, and potential upside if execution and valuation normalize.
• Medical Facilities Corp.Mar 2026Medical Facilities Corp. operates specialty hospitals with durable demand and management-driven buybacks that have steadily increased per-share value.

Every letter