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Cannae Holdings (NYSE: CNNE) exits Watkins with $90M cash proceeds

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Cannae Holdings, Inc. sold all of its interest in Watkins Holdings, LLC for cash proceeds of $90 million. The company also describes the deal as a sale of its ownership stake in The Watkins Company, a flavoring business focused on extracts, spices and seasonings, to KDSA Investment Partners.

Cannae invested $80 million in Watkins in October 2024. Including sale proceeds, preferred dividends and fees, the investment produced a multiple on invested capital of approximately 1.2x and an IRR of nearly 10% in less than two years. Management frames the transaction as monetizing a non-core asset and advancing a portfolio transformation toward sports and entertainment-related holdings, with flexibility to redeploy capital or return it to shareholders.

Positive

  • None.

Negative

  • None.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Sale proceeds $90 million Cash proceeds from sale of all interest in Watkins Holdings, LLC on July 30, 2026
Initial investment in Watkins $80 million Amount Cannae invested in Watkins in October 2024
Multiple on invested capital approximately 1.2x Return including sale proceeds, preferred dividends and fees during ownership
Internal rate of return nearly 10% IRR on Cannae’s Watkins investment over less than two years
multiple on invested capital financial
"the transaction represents a multiple on invested capital of approximately 1.2x"
Multiple on invested capital (MOIC) is a simple ratio that shows how many times an investor’s original money has grown, calculated by dividing the current or returned value by the amount originally invested. Think of it like buying a fruit tree: if you paid $100 and later get $300 in fruit value, the multiple is 3x. Investors use it to quickly compare the raw profit of investments, separate from time-based measures like annual returns.
IRR financial
"the transaction represents a multiple on invested capital of approximately 1.2x in less than two years, at an IRR of nearly 10%"
IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.
portfolio transformation strategy financial
"Sale Represents Another Step in Cannae’s Portfolio Transformation and Capital Redeployment Strategy"
capital redeployment financial
"Sale Represents Another Step in Cannae’s Portfolio Transformation and Capital Redeployment Strategy"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What transaction did Cannae Holdings (CNNE) report involving The Watkins Company?
Cannae Holdings reported selling its ownership stake in The Watkins Company, a flavoring business focused on extracts, spices and seasonings, to KDSA Investment Partners. The sale involved Cannae’s interest in Watkins Holdings, LLC and was accompanied by a press release detailing the transaction.

How much cash did Cannae Holdings (CNNE) receive from the Watkins sale?
Cannae Holdings received $90 million in cash proceeds from selling all of its interest in Watkins Holdings, LLC. This amount reflects the consideration for exiting its Watkins investment and contributes additional capital for potential new investments or returns of capital to shareholders.

What was Cannae Holdings’ (CNNE) return on its Watkins investment?
Cannae invested $80 million in Watkins in October 2024 and realized a multiple on invested capital of approximately 1.2x. Including sale proceeds, preferred dividends and fees, the investment generated an internal rate of return (IRR) of nearly 10% over less than two years.

Who acquired Cannae Holdings’ (CNNE) stake in The Watkins Company?
KDSA Investment Partners acquired Cannae Holdings’ ownership stake in The Watkins Company. Cannae describes Watkins as a leading flavoring company and credits its management, employees and partners for progress achieved during the roughly two-year investment period before the sale.

How does the Watkins sale fit Cannae Holdings’ (CNNE) portfolio strategy?
Cannae characterizes the Watkins sale as monetizing a non-core asset and advancing its portfolio transformation strategy. The company plans to focus more on sports and entertainment-related assets and may use the freed capital for new investments or returning capital to shareholders.

When did Cannae Holdings (CNNE) originally invest in Watkins and when was it sold?
Cannae invested $80 million in Watkins in October 2024 and sold all of its interest in Watkins Holdings, LLC on July 30, 2026. The company notes that the resulting multiple and IRR were achieved in less than two years of ownership.
0001704720false00017047202026-07-302026-07-30

United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):
July 30, 2026

CANNAE HOLDINGS, INC.
(Exact name of Registrant as Specified in its Charter)

1-38300
(Commission File Number)
Nevada82-1273460
(State or Other Jurisdiction of 
Incorporation or Organization)		(IRS Employer Identification Number)
1701 Village Center Circle
Las Vegas, Nevada 89134
(Addresses of Principal Executive Offices)

(702) 323-7330
(Registrant's Telephone Number, Including Area Code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Cannae Common Stock, $0.0001 par valueCNNENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 8.01Other Events

On July 30, 2026, Cannae Holdings, Inc. sold all of its interest in Watkins Holdings, LLC for cash proceeds of $90 million and on July 31, 2026 issued a press release announcing the sale. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits

ExhibitDescription
99.1 
Press Release
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Cannae Holdings, Inc.
 
Date:July 31, 2026By:  /s/ Brett A. Correia
Name:  Brett A. Correia
Title:  Chief Financial Officer


Exhibit 99.1

Cannae Holdings, Inc. Sells its Ownership Interest in The Watkins Company to KDSA Investment Partners

~ Sale Represents Another Step in Cannae’s Portfolio Transformation
and Capital Redeployment Strategy ~

LAS VEGAS, July 31, 2026 – Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae" or the "Company") today announces the sale of its ownership stake in The Watkins Company ("Watkins"), a leading flavoring company focused on extracts, spices and seasonings, to KDSA Investment Partners (“KDSA”).

Cannae invested $80 million in Watkins in October 2024 and including transaction sale proceeds, preferred dividends and fees received during Cannae’s ownership, the transaction represents a multiple on invested capital of approximately 1.2x in less than two years, at an IRR of nearly 10%.

Douglas K. Ammerman, Chairman of Cannae Holdings, commented, "The sale of our investment in Watkins is another step in executing the portfolio transformation strategy laid out by our Board. The transaction monetizes a non-core asset and provides Cannae with additional capital for either future investment opportunities or capital returns to our shareholders."

Ryan R. Caswell, Cannae’s Chief Executive Officer, commented, "We are grateful to the management team and employees of Watkins, as well as KDSA, Mark Jacobs and JR Rigley, for their partnership over the last two years. We are proud of what Watkins accomplished during our ownership and we wish the entire Watkins team continued success in the future."

Cannae will continue to execute on its strategic priorities including transforming its portfolio to concentrate on sports and entertainment related assets, monetizing non-core assets and either redeploying capital into new investments or returning capital to shareholders, with the goal of maximizing long-term shareholder value.

About Cannae Holdings, Inc.

We primarily acquire interests in operating companies and are actively engaged in managing and operating a core group of those companies. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business, and we have no preset time constraints dictating when we sell or dispose of our businesses. For more information, see cannaeholdings.com.

Forward-Looking Statements and Risk Factors

This communication includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Forward-looking statements include statements about our business, strategic plans, future performance, return of capital, and the impact


of our actions on shareholder value, and commitments outlined in this communication or elsewhere. These statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” and similar references to future periods, or by the inclusion of forecasts or projections. We caution readers not to place undue reliance on forward-looking statements. We expect that certain disclosures made in this communication may be updated or revised in the future as the quality and completeness of our data and methodologies continue to improve. Important factors that could cause actual results to differ materially from expectations are described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors, except where we are expressly required to do so by law.

Company contact:

Jamie Lillis, Managing Director, Solebury Strategic Communications, 203-428-3223,
jlillis@soleburystrat.com

Source: View Original Filing on SEC EDGAR

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