Landcadia Holdings III, Inc.

Quarterly sales grew 9.8% and net income 33%, but the half-year operating result is below last year's, so the improvement is concentrated in the second quarter. The company repurchased roughly 3.0 million shares for about $23.4 million during the half-year.

Funding is stated: cash on hand, a revolver draw, and a $200 million committed senior secured term loan under a July 31, 2026 commitment letter with Jefferies Finance LLC, expected on the same terms and maturity as existing term loans maturing July 22, 2033. The agreement may be terminated in specified circumstances if the Acquisition has not been completed by October 29, 2026; closing is expected around the start of Q4 2026. Item 2.02 and Item 7.01 furnish Q2 results and a deal press release.

Term loan proceeds repaid in full and terminated the July 14, 2021 term facility and the May 31, 2018 asset-based revolver, both of which are no longer in effect, and paid related fees. Term loans price at the Borrower's option at SOFR plus 2.00% or ABR plus 1.00%, mature July 22, 2033, carry no financial maintenance covenants, and are guaranteed by Holdings and material domestic subsidiaries and secured on substantially all assets.

Launching a refinancing alongside preliminary results is deliberate: lenders are being shown 9% to 10% sales growth and reiterated guidance before pricing $1.11 billion of new facilities. The divergence within the quarter is what a holder should note — sales up 9% to 10% and operating income up 10% to 16%, but adjusted EBITDA up only 1% to 4%, which points to margin pressure below the operating line. Extending maturities removes refinancing risk that would otherwise sit ahead of the equity.

Hillman earned $17.3 million in 2024 and $241.8 million of adjusted EBITDA, yet total shareholder return of $98.70 sits below its $100 starting point while the peer group returned $187.80 - holders have lost ground against comparable companies for two consecutive years. Asking them to enlarge both the equity plan and the ESPP in that context increases dilution without any demonstrated link to relative performance.

Removing supermajority voting provisions cuts both ways: it makes future charter changes easier for shareholders to pass and easier for the board to obtain, so the two amendments together lower the threshold for altering governance while narrowing officers' liability. Executive contracts were rewritten in the same period — every named executive other than Mr. Ride agreed to terminate their individual employment agreements effective November 2, 2023 as the price of joining the Severance Plan.

What changed: 8-K of Hillman Solutions Corp. Item 1.01 (entry into a material definitive agreement): on July 31, 2026 the Company, through a wholly owned subsidiary, entered an Equity Purchase Agreement with three family trusts owning Kanebridge Corporation to acquire all outstanding equity interests of Kanebridge for aggregate consideration of approximately $315 million, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses. Closing conditions include expiry or termination of the HSR waiting period. The Company obtained representations and warranties insurance. Why it matters: Funding is stated: cash on hand, a revolver draw, and a $200 million committed senior secured term loan under a July 31, 2026 commitment letter with Jefferies Finance LLC, expected on the same terms and maturity as existing term loans maturing July 22, 2033. The agreement may be terminated in specified circumstances if the Acquisition has not been completed by October 29, 2026; closing is expected around the start of Q4 2026. Item 2.02 and Item 7.01 furnish Q2 results and a deal press release.

What changed: Quarterly report of Hillman Solutions Corp. (Nasdaq: HLMN) for the thirteen weeks ended June 27, 2026. Net sales rose to $442,251 thousand from $402,803 thousand and to $812,324 thousand from $762,146 thousand for the twenty-six weeks. Income from operations was $40,933 thousand against $36,317 thousand for the quarter but $48,147 thousand against $51,332 thousand for the half. After interest expense of $13,042 thousand, net income was $21,120 thousand against $15,832 thousand, or $0.11 per share against $0.08, and $16,388 thousand against $15,515 thousand for the half. Why it matters: Quarterly sales grew 9.8% and net income 33%, but the half-year operating result is below last year's, so the improvement is concentrated in the second quarter. The company repurchased roughly 3.0 million shares for about $23.4 million during the half-year.

What changed: 8-K of Hillman Solutions Corp. Item 1.01 (entry into a material definitive agreement): on July 22, 2026 subsidiaries The Hillman Companies and The Hillman Group completed the refinancing of the Borrower's Term Loan B and asset-based revolver. A new Term Credit Agreement with Jefferies Finance LLC as administrative agent provides a senior secured term loan facility of $735.0 million, and a new ABL Credit Agreement with U.S. Bank National Association provides aggregate senior secured revolving commitments of $375.0 million to the Borrower and The Hillman Group Canada ULC. Why it matters: Term loan proceeds repaid in full and terminated the July 14, 2021 term facility and the May 31, 2018 asset-based revolver, both of which are no longer in effect, and paid related fees. Term loans price at the Borrower's option at SOFR plus 2.00% or ABR plus 1.00%, mature July 22, 2033, carry no financial maintenance covenants, and are guaranteed by Holdings and material domestic subsidiaries and secured on substantially all assets.

What changed: Hillman Solutions Corp., the Landcadia Holdings III successor, announced on July 13, 2026 a refinancing of its existing Term Loan B and asset-based revolver, seeking to extend maturities with a new $735 million Term Loan B and a $375 million ABL facility. Preliminary unaudited results for the thirteen weeks ended June 27, 2026 show net sales of $440 million to $444 million, up 9% to 10%, operating income of $40 million to $42 million, up 10% to 16%, and adjusted EBITDA of $76 million to $78 million, up 1% to 4%. Full year net sales guidance of $1.630 to $1.730 billion was reiterated. Why it matters: Launching a refinancing alongside preliminary results is deliberate: lenders are being shown 9% to 10% sales growth and reiterated guidance before pricing $1.11 billion of new facilities. The divergence within the quarter is what a holder should note — sales up 9% to 10% and operating income up 10% to 16%, but adjusted EBITDA up only 1% to 4%, which points to margin pressure below the operating line. Extending maturities removes refinancing risk that would otherwise sit ahead of the equity.