What a Billionaire Family Office's $16.6 Million Exit From TIC Solutions Signals for Long-Term Investors | The Motley Fool

New York City-based Wildcat Capital Management sold out its position in TIC Solutions, Inc. ( TIC +0.05%) during the third quarter, reducing exposure by 1.5 million shares with a net change of $16.56 million, according to a November 13 SEC filing. What Happened According to a filing with the Securities and Exchange Commission dated November 13, Wildcat Capital Management fully exited its position in TIC Solutions, Inc. ( TIC +0.05%) during the third quarter. The fund divested 1.5 million shares, corresponding to a net position value change of $16.56 million. What Else to Know Wildcat’s stake in TIC had been 9.84% of fund AUM in the previous quarter. Top holdings after the filing: NASDAQ: ULCC: $123.89 million (85.4% of AUM) NYSE: RLX: $16.88 million (11.6% of AUM) NASDAQ: ALLO: $3.62 million (2.5% of AUM) NASDAQ: TTAN: $417,235 (0.3% of AUM) NASDAQ: GTLB: $264,214 (0.2% of AUM) As of Friday, shares of TIC were priced at $10.60, down about 19% since its New York Stock Exchange listing in February. Company Overview Metric Value Price (as of Friday) $10.60 Market Capitalization $2.33 billion Revenue (TTM) $1.10 billion Net Income (TTM) ($121.16 million) Company Snapshot TIC Solutions provides nondestructive testing, inspection, engineering, and laboratory testing services across the United States and Canada. The company operates through a network of facilities and field teams, serving clients in the industrial and infrastructure sectors. TIC employs over 11,000 people and is headquartered in Hollywood, Florida. TIC Solutions, Inc. delivers specialized testing and inspection services to a range of industries, supporting operational safety and regulatory compliance for its clients. Foolish Take Wildcat Capital Management was founded in 2011 as the single-family office of David Bonderman, the billionaire co-founder of TPG who died in December 2024. This is not fast money. Historically, Wildcat has favored concentrated, long-term positions built around management partnerships and structural change. When that kind of capital exits entirely, it deserves attention. The timing is notable. TIC Solutions recently reported third-quarter revenue of $473.9 million, up 56% year over year, alongside adjusted EBITDA of $77.3 million and an increased cost-synergy target following its NV5 merger. On paper, the business is scaling fast. Management reaffirmed full-year revenue guidance of roughly $1.55 billion and adjusted EBITDA of up to $250 million. Yet Wildcat chose to fully liquidate a position that previously made up nearly 10% of its portfolio. That suggests this wasn’t a reaction to weak execution. It looks more like valuation discipline after a transformational year. TIC now carries heavy integration complexity, elevated leverage, and a balance sheet shaped by serial acquisitions. Sometimes the smartest capital leaves when the story gets obvious. Glossary 13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers. Divested: Sold off an asset or investment, fully or partially, to reduce or eliminate ownership. Alpha: A measure of an investment's performance relative to a benchmark index, often the S&P 500. Stake: The ownership interest or investment held in a company by an...

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