BrightView Shares Down 30%: What a Full Fund Exit Signals for Investors

Connecticut-based Manatuck Hill Partners fully exited its position in BrightView Holdings (NYSE:BV) during the third quarter, reducing its stake by 467,000 shares in a move valued at about $7.8 million, according to a November 14 SEC filing.

What Happened

According to a November 14, 2025, SEC filing, Manatuck Hill Partners sold its entire holding in BrightView Holdings (NYSE:BV). The fund’s position declined by 467,000 shares, with the estimated transaction value based on quarterly average pricing at $7.8 million.

What Else to Know

The fund's BrightView stake was previously 2.9% of its reportable AUM as of the prior quarter.

Top holdings after filing:

• NYSE: ZETA: $14 million (4.6% of AUM)
• NASDAQ: REAL: $13.6 million (4.6% of AUM)
• NYSE: IMAX: $11.1 million (3.8% of AUM)
• NASDAQ: OPRX: $9.7 million (3.3% of AUM)
• NYSE: HLF: $8.4 million (2.9% of AUM)

As of Friday, shares of BrightView were priced at $12.57, down 30% over the past year and well underperforming the S&P 500, which is up 13% in the same period.

Company Overview

Company Snapshot

• BrightView Holdings provides commercial landscaping services such as mowing, gardening, irrigation, snow removal, tree care, and landscape architecture through Maintenance and Development segments.
• The company generates revenue primarily from recurring maintenance contracts and project-based development services for commercial, residential, and institutional properties.
• It serves a diverse customer base, including corporate campuses, office parks, homeowners' associations, educational institutions, public parks, and healthcare facilities.

BrightView Holdings, Inc. is a leading provider of commercial landscaping services in the United States, operating at scale with over 19,000 employees and a broad national footprint. The company leverages a dual-segment model—recurring maintenance and project-based development—to drive stable cash flows and capture growth opportunities in property services. Its extensive customer base and specialized service offerings contribute to a strong competitive position in the specialty business services industry.

Foolish Take

Manatuck's full exit from BrightView might suggest that even funds with a tolerance for turnaround stories are reassessing exposure to specialty services businesses facing extended valuation pressure. BrightView has shown operational progress — delivering record fourth-quarter adjusted EBITDA of $113.5 million, margin expansion of 170 basis points, and a second straight year of improved profitability. However, shares remain far below their 2018 post-IPO highs, and that disconnect continues to test investor conviction.

The firm’s exit also comes as BrightView’s revenue base is still contracting. Fourth-quarter sales fell 3.6% to $702.8 million, weighed down by declines in both maintenance and development Services. Full-year revenue slipped 3.4%, though the company is guiding to modest top-line growth and additional margin expansion in fiscal 2026.

For portfolio watchers, it’s notable that Manatuck is reallocating away from slower-growing services names and toward higher-conviction positions, but there are potential bright spots in BrightView for investors who can tolerate multi-year turnarounds.

Glossary

Exited its position: When an investor sells all shares of a particular investment, fully closing out their holding.
Stake: The amount of ownership or investment a fund or individual holds in a company.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Reportable assets under management: The portion of a fund’s assets required to be disclosed in regulatory filings.
Quarterly average pricing: The average price of a security over a specific quarter, used for valuation estimates.
Top holdings: The largest investments in a fund’s portfolio, typically ranked by value or percentage of AUM.
Maintenance segment: The part of a business focused on ongoing, recurring services such as landscaping upkeep.
Development segment: The business area handling project-based services, like new installations or major upgrades.
Recurring maintenance contracts: Agreements for ongoing, repeated services provided over a set period, often generating steady revenue.
Project-based development services: One-time or short-term services focused on specific projects, rather than ongoing contracts.
Specialty business services industry: A sector providing specialized services to businesses, such as landscaping, security, or facility management.
TTM: The 12-month period ending with the most recent quarterly report.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.