News

Key Points

• Wilson Asset Management acquired 33,094 shares of SiteOne Landscape Supply.

• The quarter-end position value rose by $4.12 million, reflecting both new shares and price movement.

• The new stake places the position outside the fund’s top five holdings.

Wilson Asset Management initiated a new position in SiteOne Landscape Supply (NYSE:SITE) during the fourth quarter, according to a February 2 SEC filing, acquiring shares in a trade estimated at $4.12 million based on quarter-end pricing.

What happened

According to a SEC filing dated February 2, Wilson Asset Management reported acquiring 33,094 shares of SiteOne Landscape Supply in the fourth quarter. The quarter-end value of the holding increased by $4.12 million, reflecting the initiation of the new position.

What else to know

This was a new position for the fund, bringing the stake to 1.06% of its $389.64 million in reportable U.S. equity assets as of December 31.

Top holdings after the filing:

• NASDAQ:GOOGL: $38.09 million (9.8% of AUM)
• NASDAQ:INTU: $26.77 million (6.9% of AUM)
• NYSE:PWR: $23.31 million (6.0% of AUM)
• NYSE:ICE: $20.16 million (5.2% of AUM)
• NYSE:MSCI: $19.98 million (5.1% of AUM)

As of February 2, SiteOne shares were priced at $144.21, up just about 1% over the past year and well underperforming the S&P 500’s roughly 15% gain in the same period.

Company Overview

Company snapshot

• SiteOne Landscape Supply’s offerings includeirrigation supplies, fertilizer, control products, landscape accessories, nursery goods, hardscapes, and outdoor lighting products.
• The company operates a wholesale distribution model, generating revenue through direct sales of branded and third-party landscape supplies to professional customers via a branch network and direct distribution channels.
• It targets residential and commercial landscape professionals, including those specializing in design, installation, and maintenance of outdoor spaces, lawns, gardens, and golf courses across the United States and Canada.

SiteOne Landscape Supply, Inc. is a leading distributor of landscape supplies in North America, serving a broad professional customer base through an extensive branch network. The company leverages a diverse product portfolio and value-added consultative services to support landscape professionals in both residential and commercial markets. Its scale, comprehensive offering, and established customer relationships provide a competitive advantage in the fragmented landscape supply industry.

What this transaction means for investors

SiteOne sits at the intersection of scale, pricing discipline, and consolidation in a highly fragmented $25 billion landscape supply industry where no national competitor comes close to its footprint, which includes 680 branches and four distribution centers covering 45 U.S. states and six Canadian provinces. That might be why Wilson Asset Management is leaning in.

In its most recent quarterly report, SiteOne posted 4% revenue growth to $1.26 billion, but the real signal was beneath the surface. Gross margin expanded 70 basis points to 34.7%, adjusted EBITDA climbed 11% to $127.5 million, and net income jumped 33%, driven by pricing, cost control, and SG&A leverage. Net debt ended the quarter at roughly 1.0x adjusted EBITDA, giving the company flexibility to keep consolidating smaller operators without stressing the balance sheet.

For Wilson, this is a modest 1.06% position alongside higher-conviction holdings like Alphabet and Intuit. In other words, SiteOne is likely not being treated as a core compounder but as a focused bet on disciplined execution and accretive M&A. Long-term investors should watch margin durability, acquisition pacing, and whether SiteOne continues converting scale into cash flow in a softer construction backdrop.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Intuit, MSCI, and Quanta Services. The Motley Fool recommends Intercontinental Exchange. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.