THS Maple Holdings Ltd. (YAY:TSXV)
Management guides for base-case organic growth of 10-15%, with total growth of >25% as new channels mature. This is supported by growing international sales and new product launches.
YAY’s Quebec facility can bottle 3-4x current volumes, and its Vermont facility supports the fastgrowing U.S. retail channel, where THS faces limited domestic competition
The Canadian maple value-added market is highly fragmented, with 13,500+ producers. THS is well positioned to act as a consolidator given its excess capacity, established distribution and public listing.
THS has been generating near-breakeven EBITDA and is nearing the scale required for consistent profitability, with 10% EBITDA margins modelled for FY28 (ending June 30th).
The Beutel family holds a combined ~39% stake through Debric Holdings (~20%) and Bellweather Capital Partners (~19%), with management and insiders owning an additional ~6%, providing strong alignment with shareholder interests.
Investment Summary
Company Description
THS Maple Holdings sells and distributes maple syrup and maple flavored products to retail partners and direct to consumers in Canada and over 25 other countries. In its facilities in Granby and Vermont, the Company purchases, stores and bottles maple syrup in over 100 different formats under its proprietary brands Turkey Hill, Echo Mountain, and New England Maple Farms. Working with its manufacturing partners, THS also sells products such as cookies, candies, chocolates and beverages, all with maple flavoring, under the same brands.
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