Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”) today issued the below statement following its decision to redeem its investment in the long-term special purpose vehicle managed by Hestia Capital Management LLC and, in turn, start directly holding its shares of Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”) due to the size of the position.
Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, and James Chadwick, President of Ancora Alternatives LLC, commented:
“We originally invested in Kurt Wolf’s special purpose vehicle because we believed Kurt could be a catalyst of significant value creation at Pitney Bowes. More than two years later, Kurt has clearly been the driving force behind the Company’s cost reductions, cash repatriation initiatives, debt reduction and the necessary divestiture of the Global Ecommerce unit. The excellent results speak for themselves. We look forward to remaining long term investors in Pitney Bowes and believe shareholders are well served by Kurt Wolf as the Company’s Chief Executive Officer.”
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora’s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit www.ancoraalts.com.
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Contacts
Longacre Square Partners LLC
Greg Marose / Bela Kirpalani, 646-386-0091 gmarose@longacresquare.com / bkirpalani@longacresquare.com
