In this episode, Rich Howe interviews Colin King of Circle City Capital.

We discuss how Colin built his $28MM holding company, lessons learned from investing in spin-offs for over a decade and what he thinks of recent spin-off, Magnera (MAGN).

1:01 – Colin’s background

3:25 – Colin discusses quitting his job to found Circle City Capital Group

4:27 – How Colin splits his time between public and private investments

6:47 – How Colin allocates his capital between public and private investments

8:27 – How Colin things about cash at the holding company level

11:30 – How Colin things about investing in spin-offs

14:05 – Discussion of Zimvie (ZIMV)

17:03 – Overview of recent spin-off, Magnera (MAGN)

20:03 – What has caused the downturn in the nonwoven business?

21:50 – Has Magnera’s business bottomed?

23:49 – Discussion of Magnera’s valuation

25:20 – How much free cash flow Magnera will generate

27:20 – The biggest risk factor for Magnera

29:43 – Indiscriminate selling pressure from Berry shareholders

32:43 – How Colin evaluates the management team of a spin-off

35.05 – Quick Discussion of SiteCenter (SITC) RemainCo and Curbline (CURB) spin-off

37:24 – Where to learn more about Colin