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Investment
Investments
Consistent track record of investment success over time
2003 - 2005
Panovian Partners saw a great need for fast and healthy dining options. Company analysis and comparison reports helped identify value discrepancies. Analyzing historical Chipotle financials and valuations (2003-2005) at a similar company life stage guided this investment.
Exited Investment in 2022
IRR: 526.1%
MOIC: 1.49x
2016 - 2017
Panovian Partners purchased Huttig Building Product in 2016/2017 after identifying a lack of new housing construction in the United States. As home starts had to increase to fulfill demand, building distribution companies had a large hole to fill. After identifying multiple acquisition targets, the financial analysis led to an investment in Huttig. Huttig was purchased by Woodgrain in 2022 for $350M.
IRR: 65.0%
MOIC: 2.05x
2021 - 2023
New Home Company was a small-cap homebuilder focused on the California market. Panovian analyzed homebuilder financials and book-to-value ratios and identified an outlier. As an under-the-radar publicly traded builder, larger funds often overlooked it. In 2021, New Home Company was purchased by Apollo Global Management for $338M.
IRR: 8.0%
MOIC: 1.27x
2003 - 2005
Panovian Partners saw a great need for fast and healthy dining options. Company analysis and comparison reports helped identify value discrepancies. Analyzing historical Chipotle financials and valuations (2003-2005) at a similar company life stage guided this investment.
Exited Investment in 2022
IRR: 526.1%
MOIC: 1.49x
2016 - 2017
Panovian Partners purchased Huttig Building Product in 2016/2017 after identifying a lack of new housing construction in the United States. As home starts had to increase to fulfill demand, building distribution companies had a large hole to fill. After identifying multiple acquisition targets, the financial analysis led to an investment in Huttig. Huttig was purchased by Woodgrain in 2022 for $350M.
IRR: 65.0%
MOIC: 2.05x