MILWAUKEE–()–WM Argyle Fund (the “Fund”, “we”, or “our”), which has 207,200 of the superior typical shares of Broadwind, Inc. (NASDAQ: BWEN) (“BWEN” or the “Firm”), today revealed that it has actually chosen 6 extremely certified, independent prospects for political election to the Firm’s Board of Supervisors (the “Board”) at the 2023 Yearly Satisfying of Stockholders (the “Yearly Satisfying”). Additionally, the Fund provided the listed below letter as well as introduced the adhering to website to house investor sources:


Other Stockholders,

We are just one of the biggest investors of BWEN, holding a 207,200 share risk in the Firm. We developed this placement after seeing the Firm underperform for years in spite of its possibility. Over the last 6 months, we have actually been attempting to collaborate with the Board to go over substantial efficiency concerns that have to be dealt with so the Firm can accomplish its possibility. Particularly, they have actually not shown seriousness to make the Firm lucrative, are melting money at an unsustainable price, have actually thinned down investors via equity elevates, as well as have actually sustained financial debt to money the money shed. However, they have actually not wanted to go over these concerns with us.

While the 2-year $175 million wind tower order rates information, the Board merely does not have a performance history of success that would certainly make us think they can maximize the chances provided by the Rising cost of living Decrease Act (INDIVIDUAL RETIREMENT ACCOUNT). The construction organization has actually traditionally been the most effective executing organization device; nonetheless, it might not counter the puffed up expenses as well as losses created by the various other organization devices. Our company believe there is substantial implementation threat moving on, as well as we examine the Board’s capability to take care of all facets of the Firm to the advantage of its Stockholders.

It is our honor to be strongly lined up with you as a fellow investor as well as to look for to represent your passions in the conference room. Our company believe in the lasting worth that can be opened at BWEN. Appropriately, we just recently chose to exercise our right as a shareholder to choose a complete slate of extremely certified supervisor prospects for political election to the Firm’s Board at the Yearly Satisfying. This letter is meant to communicate 3 bottom lines that are broadened upon in succeeding areas:

  1. From our point of view, the truths concerning BWEN administration, procedures, efficiency, as well as method show instant conference room modification remains in investors’ benefits.
  2. Our company believe a reconfigured Board can apply a brand-new method for advancing BWEN from an underperforming production organization to a varied, expanding, as well as lucrative clean-tech as well as objective essential devices system
  3. We intend to use the candidates’ one-of-a-kind record of success in producing organizations to lead an improvement of BWEN in the general public market.

Our choice to choose a slate has actually been prepared for a while as well as has to do with producing continual worth for all BWEN investors. To be clear, we are not looking for to get all or component of the Firm. We are not looking for to take any kind of actions that are counter to your passions. We are spending our very own power, resources, as well as time in a project to stir up a brighter future for all the Firm’s stakeholders.

Our supervisor candidates have a performance history of success as well as functional implementation. They all have a history operating at Bucyrus International. Bucyrus was an effective worldwide mining devices business that was offered to Caterpillar (FELINE) for $7.6 billion in 2011. Bucyrus stood out at producing big manufactures as well as tailoring. These items are main to what BWEN is built on. Moreover, Bucyrus expanded considerably in the period of a years via natural development as well as sensible procurements. This is the method as well as track-record we intend to give BWEN.


BWEN is a not successful business with wonderful prospective. The present Board of BWEN believe they can cause transform in spite of currently having more than a years to do so. They have actually authorized previous tower orders worth 10s of numerous bucks as well as yet the Firm is still unlucrative. They likewise have actually lost 10s of numerous bucks on procurements that have actually been crossed out. The implementation threat is simply expensive for this Board to remain in area.

Throughout BWEN’s background as a public business, it has actually constantly assured a brighter future however has actually never ever provided. Below are some truths regarding the Firm.

  • One lucrative year given that 20081
  • Built up a life time deficiency of $346 million2
  • Crossed out greater than two-thirds of all procurements3.
  • Stockpile dropped from $311 million in 2012 to $106 million by 20214
  • Investor equity dropped 53% from 2012 to Q3-20225
  • Crossed out the $16.5 million Red Wolf purchase after 5 quarters6
  • Stockholders thinned down 36% given that 20167.
  • Stopped working to broaden its consumer base; 5 clients still stand for 71% of sales8

Before undertaking our choice to choose our very own slate of supervisors, we connected to the Board to review our worries. We corresponded beginning on July 25, 2022 as well as shared the requirement for the Board to go over the concerns we recognized as well as to assign brand-new supervisors that might bring a fresh collection of eyes as well as originalities. Nevertheless, rather than involving with among BWEN’s biggest investors, they decreased to go over any one of the subjects we suggested.

After pursuing a number of months to involve with the Board, they unilaterally designated a brand-new supervisor on November 2, 2022. In their thrill to assign a brand-new supervisor, they fell short to discover a prospect that brings brand-new experience as well as merely copied experience currently discovered on the Board. We see this visit as a reactionary choice by the Board that just offers to show our administration worries.

If the Board thinks BWEN gets on the ideal track, we would love to understand what criterion they are utilizing to make such a resolution. We are not encouraged the Board can efficiently take care of the Firm as well as do not intend to run the risk of the one-of-a-kind chance that the individual retirement account regulation has actually brought.


Provided BWEN’s unique possessions, substantial possibility, as well as placing in addressable markets, our company believe the Firm can advance right into a varied, expanding, as well as lucrative production system for clean-tech as well as objective essential devices. To accomplish this, our candidates think a brand-new collection of calculated concerns is required. A top-level as well as initial summary of these concerns consists of:

  • Improve Company Administration – Our company believe our candidates can aid advance BWEN right into a more powerful organization by including fresh point of views to the conference room in addition to brand-new competence in resources markets deals, business administration, ecommerce, as well as production. Furthermore, we are devoted to keeping stockholder-friendly laws, up-to-date administration arrangements as well as clear disclosures around subjects such as resources appropriation as well as exec settlement.
  • Enhance the Annual Report as well as Use the NOL’s– While being conscious not to over bar BWEN or run the risk of the NOL’s, the reconstituted Board would certainly look for to get cost effective funding that would certainly enable the Firm to think about EBITDA-accretive procurements as well as focus on natural development in existing organization lines. The candidates have solid partnerships with financial institutions as well as lending institutions, so an affordable procedure would certainly be gone to get superior accessibility to resources.
  • Assess Monitoring as well as Improve Human Being Funding – If chosen, our candidates would certainly take on an analysis of administration’s abilities to make sure the Firm has a management group that can sustain our brand-new method. Our company believe the suitable administration group will certainly consist of people with deep experience throughout design, production, sales, method, as well as various other development locations. Seeking to the lasting, the reconstituted Board would certainly look for to make sure BWEN is led by a long-term administration group that can take the present organizations to far better margins while scaling the Firm throughout even more clients.
  • Enhance the Development of Copyright – Buy the design feature to make it possible for the production of BWEN-owned Copyright (IP). Regulating the IP of the items the Firm makes will certainly make it possible for far better control over their manufacturing, solution, efficiency, as well as ultimately can generate a stream of aftermarket profits. If the IP is not possessed, after that business is simply a factory that will certainly constantly be combating with affordable manufacturers.
  • Enhance Existing Organization Sectors If chosen, our candidates would certainly look for to increase price control as well as natural financial investment in the tailoring, construction, as well as business sections. The Firm’s background of adverse margins shows even more demands to be done to boost bidding process, lower expenses as well as take care of product expenses. Our candidates think this strengthens the requirement to focus on greater-growth, higher margin chances discovered in solution as well as aftermarket. Our company believe that releasing even more resources to consumer purchase, group growth, as well as maintaining a smooth client service franchise business would certainly generate greater returns for investors.
  • Discover Accretive M&A to Supplement Organic Development – The Firm has the advantage of the base-level profits of the existing organization to build on. The reconstituted Board would certainly sustain administration in looking for to safeguard extra agreements, in addition to purchase wise, calculated procurements that push the Firm right into a wider collection of surrounding classifications, consisting of solution as well as aftermarket. In between expanding the present system as well as going into brand-new classifications required by clients, our company believe the Firm might achieve considerably much more profits over the following a number of years.
  • Focus On Transparent Capitalist Relations – Our company believe that enhancing disclosures as well as investor involvement can aid make sure that the marketplace appropriately reviews BWEN. We would certainly organize a yearly capitalist day, carry out quarterly incomes phone calls with question-and-answer sessions, release the Firm’s brand-new method as well as crucial efficiency indications in a regularly upgraded deck as well as take actions to draw in lasting institutional resources right into the investor base.

In the coming weeks, we expect sharing even more information concerning our method for opening the complete possibility as well as worth of BWEN. We plan to release a public discussion before this year’s Yearly Satisfying to give the marketplace with a really clear feeling of our strategy, strategies, as well as change preparation.

In the meanwhile, I delight in to share summed up bios for the WM Argyle Fund six-member slate:

  • Jay Armburger is a tried and tested exec with substantial experience in leading design, study & growth, sales as well as item administration for intricate produced items.

    • Currently Organization Advancement Supervisor as well as Principal Designer – Below Ground Mining for Caterpillar Inc., in charge of advancement consisting of the commercialization of brand-new modern technologies as well as items
    • Topic professional for purchase, divestiture, as well as assimilation for Source Market item profile
    • P&L duty for numerous $100’s million organization device
  • Ken Bergman is a tried and tested tax obligation exec with substantial experience for countless lucrative billion- buck openly traded business.

    • Oversaw calculated tax obligation preparation, tax obligation conformity, resolution of tax obligation conflicts, as well as tax-efficient money implementation
    • Created $300 million in tax obligation financial savings on a $1.3 billion purchase
    • Substantial experience with ingenious purchase as well as divestiture frameworks
  • Ryan Bogenschneider is a capitalist as well as administration professional with marketing research as well as method competence.

    • Led method for Bucyrus as well as Mining Innovation International
    • Monitoring Specialist with experience dealing with organizations of a wide range of dimensions
    • Currently Chief Executive Officer of WM Argyle Fund, LLC
  • Christine Candela is a Personnel professional with over 25 years of experience in all facets of personnels.

    • Currently Supervisor, Payment as well as Perks, of IDEMIA, a worldwide modern technology company with over 15,000 workers
    • Experience consists of exec settlement, variable pay, as well as equity strategies management
    • Worked As Chair of Advantage Boards as well as a participant of International Company human resources management Groups
  • Kristina Harrington is a leader in aftermarket assistance to OEMs with two decades of experience.

    • Currently COO of GenAlpha, an innovation business that makes it possible for aftermarket development for OEMs
    • Substantial worldwide experience in resources products organization growth consisting of aftermarket assistance
    • United States. Navy Expert
  • James Robinson IV is a tried and tested C-suite exec as well as a lawful as well as M&A expert with experience that would certainly be very important to BWEN’s Board.

    • Currently Handling Participant of Newel Funding LLC
    • Previous Elderly Vice Head Of State as well as Assistant of the Kohler Firm
    • Former General Guidance of Bucyrus International
    • Details experience ending transformative M&A deals, building worldwide calculated partnerships, bargaining organization restructurings as well as recapitalizations, performing capital expense programs, as well as introducing brand-new organizations

We thanks beforehand for your factor to consider as well as determination to examine WM Argyle Fund’s strategy as well as slate. To join our newsletter as well as share your sights on BWEN, we welcome you to see


Ryan Bogenschneider

January 18, 2023


Specific Details Worrying the Individuals

The WM Argyle Fund means to submit an initial proxy declaration as well as going along with eco-friendly Universal proxy card with the Stocks as well as Exchange Compensation to be made use of to get elect the political election of its slate of extremely certified supervisor candidates at BWEN’s 2023 Yearly Satisfying.


The individuals in the solicitation are expected to be WM Argyle Fund, Jay Douglas Armburger, Ryan Bogenschneider, Kenneth H. Bergman, Christine M. Candela, Kristina A. Harrington, as well as James M. Robinson IV.

Since the day hereof, each of Mr. Bogenschneider, as a board participant as well as chief executive officer of WM Argyle Fund, as well as Mr. Armburger, as a board participant of WM Argyle Fund, might be regarded to beneficially have 207,200 shares of ordinary shares of the Firm held by WM Argyle Fund. Since the day hereof, none of Mr. Bergman, Ms. Candela, Ms. Harrington, or Mr. Robinson beneficially has any kind of shares of Ordinary shares.


1 SEC Filings; 2021 take-home pay resulted from PPP lending mercy

2 SEC Filings; Q3-2022 Accumulated Shortage

3 SEC Filings; Purchases consist of Brad Foote, EMS, Badger, as well as Red Wolf

4 SEC Filings; 2012 as well as 2021 Yearly Records

5 SEC Filings; Q4-2012 as well as Q3-2022 quarterly records

6 SEC Filings; Gotten Q1-2017, succeeding create downs in Q2-2018 as well as Q4-2018

7 SEC Filings; Q3-2016 to Q3-2022 shares superior

8 SEC Filings; 2001 Yearly Record

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