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Major Investors Representing Over 40% of Shares Deliver Letter to Leaf Group
[June 29, 2020]

Major Investors Representing Over 40% of Shares Deliver Letter to Leaf Group

LOS ANGELES, June 29, 2020 /PRNewswire/ -- Investors owning over 40% of the issued and outstanding shares of Leaf Group Ltd. ("Leaf Group" or the "Company") (NYSE: LEAF), today released a detailed letter to the Company's board of directors expressing their concern with the current corporate strategy, management team and lack of corporate governance.  The list of signatories to the letter includes Osmium Partners LLC, PEAK6 Investments LLC, Boyle Capital Opportunity Fund, LP, Oak Management Corp., Generation Capital Partners II LP, Generation Partners II LLC, Spectrum Equity Investors V, L.P. and Spectrum Equity Associates V, L.P. (together, the "Investors") and is comprised of several of the Company's largest and longest-standing shareholders. 

In the letter, the Investors contend that the Company is not realizing its full potential, and there are clear opportunities to unlock shareholder value.  In order to address many of the issues plaguing the Company, the Investors call on the board to immediately:

  1. Remove the Company's CEO,
  2. Enhance corporate governance by refreshing and de-staggering the board, and
  3. Sell both the Media and Marketplace assets of the Company.

The full text of the letter to Leaf Group's board of directors can be found in the included PDF.

About Osmium Partners

We seek to generate strong, risk-adjusted returns by investing in undervalued, small capitalization companies across equity markets. Our Osmium 8 research process is based on eight simple factors involving factors such as balance sheet strength, aligned interests, attractive reinvestment opportunities, a low valuation, and reasonable growth prospects. As engaged owners, we actively discuss corporate strategy and capital structure with management teams and boards of directors. We prefer to conduct these discussions in private, butwe will publicly debate important items with all shareholders when appropriate.

About PEAK6

PEAK6 uses technology to find a better way of doing things. The company's first tech-based solution was developed in 1997 to optimize options trading and, over the past two decades, the same formula has been used across a range of industries, asset classes and business stages to consistently deliver superior results. Today, PEAK6 seeks transformational opportunities to provide capital and strategic support to entrepreneurs and forward-thinking businesses, helping to unlock potential and activate what is into what ought to be. PEAK6's core brands include: PEAK6 Capital Management, Apex Clearing, National Flood Services and Evil Geniuses. Learn more at or follow us on LinkedIn.

About Boyle Capital Opportunity Fund

Boyle Capital Opportunity Fund, LP is a value-oriented investment partnership. We manage a focused portfolio of deeply undervalued securities and actively engage with the company's management and board of directors to unlock shareholder value over the long-term.

About Oak Investment Partners

Oak Investment Partners was founded in 1978.  Since that time, the firm has invested $9 billion in over 525 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. We are involved in the formation of companies, fund spinouts of operating divisions and technology assets, and provide growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. These companies are concentrated in the five major sectors that fuel the most disruptive growth in our world today: Information Technology, FinTech, Internet and Consumer, Healthcare Services, and Clean Energy. 

About Generation Partners

Founded in 1995, Generation Partners provides equity capital to growth companies through buyout and growth equity investments.

About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading internet, software and information services companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub,, Origami Risk, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit


Dana Taormina


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SOURCE Osmium Partners LLC; PEAK6 Investments LLC; Boyle Capital Opportunity Fund, LP; Oak Management Corp.; Generation Partners II LLC; Spectrum Equity Investors V, L.P.

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