Glenview Capital Starts Manitowoc Position, Adds To Brookdale Senior Living ~ market folly

Tuesday, March 24, 2015

Glenview Capital Starts Manitowoc Position, Adds To Brookdale Senior Living

Larry Robbins' hedge fund firm Glenview Capital has filed two separate 13G's with the SEC recently:

Starts New Manitowoc Position

First, Glenview has revealed a 6.34% ownership stake in Manitowoc (MTW) with over 8.6 million shares.  This is a brand new position for the firm and the filing was made due to activity on March 11th.

Readers will recall that activist investor Carl Icahn has pushed Manitowoc to split up.

Per Google Finance, Manitowoc is "a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. Its Crane products are marketed under the Manitowoc, Grove, Potain, National, Shuttlelift, Dongyue, and Crane Care brand names."

Adds To Brookdale Senior Living Stake

Second, Robbins' firm has disclosed a 6.32% ownership stake in Brookdale Senior Living (BKD).  Per the SEC filing, Glenview now owns over 11.59 million shares.

This marks an increase in their position size of over 2.83 million shares since the end of the first quarter.  This filing was made due to portfolio activity on March 12th.

You can view some of Glenview's other recent portfolio activity here.

Per Google Finance, Brookdale Senior Living is "an owner and operator of senior living communities throughout the United States. The Company owns, leases and operates retirement centers, assisted living and dementia-care communities and continuing care retirement centers (CCRCs). The Company has six reportable segments: retirement centers; assisted living; CCRCs – rental; CCRCs – entry fee; Brookdale Ancillary Services; and management services."

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