Tides Capital LLC

Investment Philosophy

A focused mandate. An active approach.

We seek situations where analytical rigor alone is insufficient — often esoteric in nature in need of a change agent, whereby market neglect creates a mispricing that active ownership can resolve. Our edge is applying this active engagement alongside the significant dislocation from intrinsic value to unlock substantial shareholder value.

Special Situations

We focus on opportunities that are esoteric in nature — spinoffs, restructurings, carve-outs, hidden assets and capital structure dislocations where consensus is absent and differentiated research creates asymmetric returns.

Active Value Creation

Tides is not a passive observer. We collaborate directly with management, boards, and co-investors to identify and activate catalysts — communicating strategies that unlock embedded value.

Tailored Capital

Each private situation can demand a bespoke approach. We structure investments to align incentives across stakeholders, deploying flexible capital that supports transformational outcomes in both public and private markets.

Founder & Managing Partner

Leadership

Scott Mackay

Founder & Managing Partner

Over 30 years of experience across portfolio management, trading, private equity, and investment banking.

Early in his career, Mr. Mackay held financial analyst roles at Bowles, Hollowell, Conner & Co. and Goldman Sachs & Co. before transitioning to the principal side of the business.

1998

MRW Enterprises — Family Office

Co-managed a $200MM VA family office; launched 4 venture capital funds and served on numerous boards and investment committees.

2002

Hatteras Investments LLC — Co-Founder/Managing Partner

Active value strategy in small/mid-cap companies. Collaborated with management and boards to identify and unlock catalysts.

2007

Bryn Mawr Capital Management — Portfolio Manager

Managed over a quarter of assets of the $1BB+ global equity market neutral fund.

2013

Millennium Management — Portfolio Manager

Operated under Tides Capital within the relative value equity strategy group at the $88BB global multi-strategy hedge fund.

Education

Vanderbilt University — B.A. Mathematics, Phi Beta Kappa

Location

Wayne, Pennsylvania (Philadelphia suburbs)

Portfolio

Invest on a deal by deal basis to maximize returns.

Tides has invested in 5 public equity situations, exiting through M&A transactions. Our approach targets small- and mid-cap companies with identifiable catalysts and meaningful upside through active engagement.

Investment Cases

Exited via M&A

Special Situation I

Mid-Cap FinTech

Trading below liquid tangible book for years. Active engagement with management and board to accelerate strategic review. Unlocked hidden asset trapped by a working capital intensive business. Sold at a significant premium.

Exited via M&A

Special Situation II

Small-Cap Telecom Infrastructure

Large installed base of legacy equipment transitioning to the cloud. Fatigued shareholder base and overcapitalized balance sheet. Quickly sold at a premium to private equity after engaging with management to seek alternatives.

Exited via M&A

Special Situation III

Mid-Cap Communications Software

Rapidly growing API driven communications company hidden inside a large yet declining legacy business. New leadership recognized the misunderstood opportunity after shareholder engagement and sold to a large strategic at a material premium.

Tides has invested in 3 platform companies in which Mr. Mackay serves or has served actively on the board of directors, providing strategic guidance, network access, and tailored capital solutions alongside entrepreneurial management teams.

Investment Cases

Exited — Acquired

Helm Partners

Technology Advisory Services

Technology advisory services firm helping reshape businesses for growth and achieve better outcomes throughout their digital transformation journey. Acquired by Bluewave Technology Group.

Active

Salvo Technologies

Photonics & Optical Components

Leading developer and manufacturer of photonic products including optical assemblies, components, lenses, filters, and spectroscopy solutions for defense, aerospace, healthcare, and industrial markets. Now operating as Torrent Photonics.

Exited — Acquired

Evermore Homes

Residential Homebuilding

Award-winning homebuilder acquiring private homebuilders with strong track records of quality construction and customer-centric experience. Acquired by Davidson Homes.

Disciplined investing on a deal by deal basis in misunderstood and overlooked opportunities.

A focused mandate. An active approach.

Leadership

Invest on a deal by deal basis to maximize returns.

Investment Cases

Investment Cases