Galloway Capital Partners Urges Babcock & Wilcox Enterprises (BW) to Unlock Value, Citing Growth and Strategic Opportunity

M. Cap: $58mm |Babcock & Wilcox Enterprises, Inc. is a technology-based provider of fossil and renewable power generation and environmental equipment that includes a suite of boiler products and environmental systems, and services for power and industrial uses. 

Galloway Capital Partners

On June 2, 2025, Galloway Capital Partners (4.31%) sent a letter to the company urging the company’s leadership to unlock shareholder value, citing strong fundamentals: 2024 bookings surged 39% to $889.6M, backlog hit a record $540.1M, and adjusted EBITDA rose 13% (excluding BrightLoop). Galloway highlighted BrightLoop’s commercialization potential—targeting $1B in bookings by 2028—and B&W’s strategic positioning to benefit from rising power infrastructure demand driven by AI data centers. The firm believes the company is undervalued and seeks engagement with management.

VIEX Capital Advisors:

Between October 2017 and March 2018, VIEX Capital, a significant shareholder, urged the company to monetize assets and cut costs due to underperformance in its renewable segment and declining share price. It warned of a potential board reconstitution if a credible plan wasn’t presented by the Q3 2017 earnings call. VIEX held up to 8.4% but reduced its stake to 4.6% by March 2018.

Vintage Capital:

Vintage Capital disclosed a 14.9% stake in December 2017 and proposed new board candidates. In January 2018, the company agreed to expand the board and appoint three Vintage nominees. Later, in April 2019, Vintage signed agreements to gain governance rights, including board nominations, as part of broader Equitization Transactions and reverse stock split arrangements.

Steel Partners:

Steel Partners disclosed an 11.8% stake in February 2018 and revealed an earlier rejected $6.00/share acquisition offer. They engaged the company on strategic alternatives, requested a Section 203 exemption, and entered into a confidentiality agreement in March. By May 2018, Steel Holdings proposed to acquire the company for $3.00–$3.50/share, citing ongoing discussions and the company’s rights offering.

B. Riley & Vintage Capital:

In April 2019, B. Riley FBR and Vintage Capital entered into agreements with the company tied to credit amendments, committing to shareholder votes on increasing authorized shares, reverse stock split, and equitization. They secured governance rights, including nominating three directors each, formalized through an investor rights agreement maintaining a seven-member board.