The Bottom Line: White Mountains, Albany International, and Planet Fitness

A roundup of news updates from public companies in NH and nationwide

WHITE MOUNTAINS TO SELL BAMBOO TO CVC

White Mountains Insurance Group (NYSE: WTM) has signed an agreement to sell a controlling stake in Bamboo Insurance to funds advised by CVC Capital Partners. The deal values Bamboo, a fast-growing homeowners’ insurance platform operating in California and Texas, at $1.75 billion.

White Mountains expects to gain approximately $310 per share in book value and receive about $840 million in net cash from the sale. The company will retain a 15% fully diluted equity interest in Bamboo, valued at $250 million.

“This transaction is a win-win for our shareholders and Bamboo’s team,” said White Mountains CEO Manning Rountree. “Bamboo’s rapid growth highlights its innovation in the homeowners’ insurance space.”

John Chu, CEO of Bamboo, called the deal “a milestone,” crediting years of dedication by his team and the strong support from White Mountains. “We’re thrilled to welcome CVC as we enter our next phase of growth.”

CVC described Bamboo as a standout asset in the insurance market, citing its advanced technology and strong recurring revenue. “Bamboo is an ideal fit for our U.S. portfolio,” said Lorne Somerville, co-head of CVC US.

The transaction is expected to close by the end of Q4 2025, pending regulatory approval.

Advisors on the deal included Evercore and Piper Sandler for White Mountains, with legal counsel from Cravath, Swaine & Moore. CVC was advised by Latham & Watkins.

ALBANY INTERNATIONAL ISSUES 2024 CLIMATE REPORT

Albany International Corp. (NYSE: AIN) has announced the release of its 2024 Climate Report, highlighting progress in sustainability, innovation, and climate-related disclosures, available for download at www.albint.com/sustainability.

Gunnar Kleveland, Albany’s president and CEO, commented, “Beyond meeting disclosure requirements, we’re advancing our role in building a more sustainable future. This report reflects our commitment to integrating climate considerations into our business strategy. Our focus on product-level emissions is a powerful lever for innovation, accountability, and impact across our value chain.”

“Understanding the full life cycle impact of our products is essential to driving meaningful change,” added Anna Yates, Sustainability and EHS. “Our emphasis on Product Carbon Footprint is helping us uncover new opportunities to design smarter, reduce emissions and support our customers’ climate goals. It’s a foundational step toward a more sustainable and resilient future.”

Albany International detailed in a recent company press release that it is committed to transparency, accountability and open communication. Its Climate Report reflects the company’s dedication to sharing its progress, opportunity for improvement and commitment to science-based innovation.

PLANET FITNESS LAUNCHES OCTOBER FUNDRAISER

Planet Fitness has launched its annual October fundraising campaign benefiting Boys & Girls Clubs of America, marking 10 years of partnership and over $10 million invested in youth programs.

From Oct.1-31, members at Planet Fitness locations across the U.S., Puerto Rico and Canada can donate in-club or online through the Judgement Free Generation initiative. All funds raised will support youth programming.

“The 10-year anniversary of supporting Boys & Girls Clubs of America and positively impacting a half million Club kids represents a significant milestone in our commitment to empowering young people and advancing their physical, emotional and social well-being,” said Colleen Keating, CEO of Planet Fitness.

Since the partnership began, the initiative has provided: $1.65 million in scholarships for 330 high school seniors; nearly 50 in-club mini-Judgement Free Zones; over 1,100 trainings for BGCA professionals; social-emotional learning and trauma-informed care programs; and more than 500,000 youth impacted annually.

Planet Fitness also supports community grants and encourages team volunteerism to strengthen local Clubs.

“Over the past decade, Planet Fitness has been a powerful partner in helping Boys & Girls Clubs of America empower the next generation,” said Jim Clark, president and CEO of BGCA.

Donations can be made in-club or online at PFGives.com.