We run a concentrated portfolio of investments across Western Europe and Canada primarily.

Upstream Energy

In Canada, Standard controls equity interests tied to an aggregate production of over 140,000 barrels of oil equivalent per day, with a heavy weighting on natural gas drilling in the Alberta Deep Basin. In the midst of an unprecedented dislocation across the sector, Peyto Exploration & Development, Lotus Creek Exploration (formerly Gear Energy) and Petrus Resources, all chaired by Don Gray, traded at the time of our investments for a fraction of their proven reserves value and represented ideal vehicles to ride the recovery of energy markets.

Midstream Energy

Groupe Guillin is a steadily growing packaging and food safety company controlled by the Guillin family. In the wake of the energy crisis in early 2022, it got tarred with the wrong brush as it faced a terrifying but temporary rise of input costs. In a like manner, run and tightly controlled by flemish entrepreneur Luc Tack—the turnaround artist of Picanol fame—Tessenderlo Chemie sports entrenched competitive positions in each of its subsidiaries and has plenty of leeway to grow in Europe and North America, yet remains chronically undervalued on both its earning power and sum-of-the-parts basis.

Consulting

Founded and led by industry veteran Simon Azoulay, French engineering and IT consulting group Alten tripled its earnings and revenue over the past decade. Notwithstanding its resilient business model, fortress-like balance sheet and prolific M&A strategy, its stock market valuation bore the full force of the severe recession that started in Europe in late 2023 as it fell to less than eight times operating earnings. This is precisely the opportunity Standard had been waiting for to start acquiring shares—for Alten went through many such downturns in the past, only to emerge stronger when the economy recovered.

Software