Greenhaven Road Investment Management, LP on Kingsway Corporation

Kingsway is evolving from a neglected conglomerate into a public-market version of the search-fund model. Insider ownership is high, sell-side coverage is absent and Greenhaven believes the company's collection of acquired businesses is increasingly demonstrating attractive organic and acquisition-driven economics. Quarterly EBITDA in the search-fund segment has risen materially, and the fund sees a credible path to more than $6 million per quarter. Continued acquisitions around five times EBITDA, combined with organic growth and tax advantages from existing net operating losses, could eventually turn Kingsway into a self-funding compounder. A successful transition to a cleaner pure-play structure could also support a higher valuation multiple.