Vision One Fund reaches agreement with Ingevity (NGVT)
Market Cap: $1.6 billion| Ingevity Corporation manufactures and sells specialty chemicals and activated carbon materials in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America.
Vision One Fund
On February 25, 2025, Vision One Fund LP issued a presentation regarding the company criticizing the current Board for poor capital allocation, ineffective leadership, and underperformance, which has led to significant financial losses and a decline in shareholder value. Vision One proposed new governance safeguards, such as appointing a Lead Independent Director, implementing director term limits, and enabling stockholders to call special meetings, believing these changes would improve oversight, accountability, and corporate strategy. The fund also suggested simplifying the company’s portfolio by exiting the Performance Chemicals segment and focusing on the Performance Materials segment, which it believes could unlock significant shareholder value, potentially raising the share price to $124. Additionally, Vision One nominated four individuals—Julio C. Acero, Courtney R. Mather, Dr. Merri J. Sanchez, and F. David Segal—for the Ingevity Board ahead of the annual shareholder meeting.
On March 6, 2025, Vision One Fund, LP issued a presentation regarding the company reiterating its concerns.
On March 10, 2025, Vision One notified the Company that it intended to reduce its slate of nominees for the Company’s Annual Meeting from four individuals to two individuals.
On March 14, 2025, Vision One urges stockholders to elect Julio C. Acero and F. David Segal as directors to enhance the board. Source
On March 24, 2025, Vision One filed proxy materials seeking support for its nominees.
On March 30, 2025, Vision One Fund entered into a Cooperation Agreement with the company and pursuant to it, Vision One will withdraw its director nominees for the Company’s 2025 Annual Meeting and vote in favor of the Company’s nominees. Additionally, F. David Segal will be appointed to the Company's board and its Audit Committee following the Annual Meeting.
Inclusive Capital Partners
On July 25, 2022, William J. Slocum, a Partner at Inclusive Capital Partners (5.6%), was appointed as a member of the board of the company. Source
Member discussion