Cannae Holdings sells Watkins stake to KDSA Investment Partners

Cannae Holdings (NYSE: CNNE) has sold its ownership stake in The Watkins Company, a flavoring company focused on extracts, spices, and seasonings, to KDSA Investment Partners.

Cannae invested $80 million in Watkins in October 2024. Including transaction sale proceeds, preferred dividends, and fees received during its ownership period, the deal represents a multiple on invested capital of approximately 1.2x in less than two years, at an internal rate of return of nearly 10%.

Douglas K. Ammerman, chairman of Cannae Holdings, said the sale "monetizes a non-core asset and provides Cannae with additional capital for either future investment opportunities or capital returns to our shareholders."

Cannae has stated it intends to continue transforming its portfolio toward sports and entertainment-related assets, while monetizing non-core holdings and either redeploying capital into new investments or returning it to shareholders.

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