Senyek’s Weekly Special Situations

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Senyek’s Weekly Special Situations

Macro Research

Special Situations

Accounting and Tax Policy

Portfolio Strategy

May 14, 2026

Special Situations Tracker

• Middleby Food Processing NDR Today, May 14th in NYC. We’re hosting management (CEO/CFO/COO)

of Middleby Food Processing (Midera; MFP) ahead of its July 6th spin. Please reach out to us or Wolfe Sales

to express interest in attending the group lunch. MFP is an ~$850M revenue, ~20% EBITDA margin

business with ~40% recurring aftermarket exposure and a proven M&A-driven compounding model. The

business has delivered ~12% revenue CAGR since FY19 and is well positioned to benefit from secular

tailwinds in automation, protein consumption, and convenience foods, supporting durable organic growth.

With expected net leverage of ~1.25x, we see significant capacity for continued inorganic consolidation in

a highly fragmented market. As a newly independent, pure-play food processing platform with strong

margins, recurring revenue, and a clear capital allocation runway, we view the spin as a compelling near-

term catalyst for multiple re-rating.

• Wolfe Research Activist Conference. We are pleased to invite you to the Activist Conference taking place

in-person on Tuesday, June 9, 2026, at Wolfe’s New York City headquarters, 757 Third Avenue. Firms

speaking include Arkhouse, Ananym, Ancora, Anson, Carronade, Garden, Elliott, Impactive, Irenic, and

Starboard. The full conference agenda will be available soon. Click here to register as this will be a capacity

constrained event.

Latest Special Situations News Flow

• Bloomberg reported activist Trian Fund Management is seeking investor backing for a potential take-private

transaction of The Wendy's Company (WEN, $1.5B MC), though no formal offer has been made.