Headwaters Capital
Our archive holds 5 letters from Headwaters Capital, behind 3 investment theses. Every quote below is copied verbatim from the letter it came from.
Theses · 3
- September 2025
Driven Brands is poised for multiple re-rating driven by its stable recurring revenue from automotive maintenance and repair services, strategic portfolio transformation, and high growth from Take 5 Oil Change, resulting in improved free cash flow and reduced leverage.
Read the full thesis - June 2025
Bio-Techne (TECH) is a leading life sciences reagents and instruments company with strong recurring revenue, a healthy cash position, and potential for higher growth, despite current valuation pressures due to concerns over academic funding.
Read the full thesis - March 2025
With strong cash flow, essential services, and M&A-driven upside, CBIZ looks like BRO from four years ago—offering a potential +72% gain from a temporary dislocation and compelling long-term compounder profile.
Read the full thesis
Letter archive · 5
2025
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