Billionaire Investor Ken Langone Increases Stake in Unifi
Billionaire Ken Langone has made a substantial investment in Unifi, solidifying his position as the largest shareholder. Langone purchased 500,000 shares for $2.9 million, increasing his ownership stake to 13.7%. Discover more about this significant...
Troy D. Hanson
January 07, 2024
Billionaire investor Ken Langone, co-founder of Home Depot, has recently made a substantial investment in Unifi, a company specializing in the production of synthetic and recycled performance fibers. As a longstanding director of Unifi, Langone has further solidified his position as the largest shareholder.
On December 22, Langone purchased 500,000 shares of Unifi for $2.9 million through a private transaction, with each share priced at $5.75. According to documents filed with the Securities and Exchange Commission, Langone now holds a total of 2.3 million shares in his personal account and an additional 130,000 shares through Invemed Associates, where he serves as president and CEO.
As of now, Langone's ownership stake has risen from 10.9% to 13.7%. Unfortunately, Langone could not be reached for comment regarding his recent acquisition. Having served as a director of Unifi since 1969, Langone's commitment to the company remains unwavering.
Coinciding with Langone's stock purchase were sales made by Inclusive Capital Partners, a sustainability-focused firm founded by Jeff Ubben and currently in the process of closing down its operations. On the same day as Langone's purchase, one of Inclusive's affiliate funds sold a total of 1.25 million shares of Unifi at $5.75 per share through private transactions. It is possible that Langone participated in some of these transactions.
Inclusive Capital Partners has declined to comment on their sales.
Unifi is known for its Repreve fabric, which is made from recycled plastic bottles and used by popular brands like Speedo, Patagonia, Land's End, Guess, and FitBit. However, Unifi's stock performance has been lackluster in recent years. With a decline of 63% in 2022, a further drop of 23% in 2023, and a 3% decrease so far in 2024, the company faces challenges in the market.
Inside Scoop is a regular feature that covers stock transactions by insiders such as corporate executives, board members, prominent figures, and even politicians. These individuals are required by regulatory groups, such as the Securities and Exchange Commission, to disclose their stock trades.