Richelieu shareholder cuts stake

Richelieu Hardware’s largest shareholder, Calgary-based Mawer Investments, has almost halved its stake during this year, La Presse reports. According to a regulatory filing, Mawer had an 8.7 percent interest in Richelieu going into July, compared to more than 16 percent at the beginning of 2022. With less than 10 percent ownership of the supplier, Mawer no longer needs to disclose its share transactions.

Mawer portfolio manager Samir Taghiyev praised Richelieu as a “success story” and commended CEO and president Richard Lord’s performance. “That said, we realized earlier this year that the valuation had gotten out of control,” he added. “We are doing the same analysis with all of the stocks we own.”

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