Acco Brands

The company continued dividends ($0.075 per share declared for March 2026) and repurchased $15.1 million of stock in 2025 while also paying down revolver balances over time.

Small bolt ons (Buro seating in ANZ, EPOS enterprise headsets) fit the adjacency strategy and were acquired at modest prices, including EPOS at approximately €6.5 million plus earn out. Given leverage near 4x and a higher rate environment, our preference is to prioritize debt reduction over repurchases.

We view the multi year $100 million cost reduction and footprint rationalization as the highest return internal use of capital and a key driver of equity value if fully realized. Revolver amendment places some limits on aggregate dividends and buybacks in 2026, which is appropriate.