Enovis CORP ENOV → ESAB Corp ESAB
| Parent | Enovis CORP ENOV |
|---|---|
| Spinco | ESAB Corp ESAB |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 ESAB share for every 3 Colfax shares |
| Ratio note | Holders of record held Colfax Corporation stock; the parent renamed itself Enovis at completion. |
| Parent retains | 10% |
| Checked against EDGAR | 2026-08-22 |
Data trap
The parent changed identity at day zero: Colfax Corporation, ticker CFX, became Enovis Corporation, ticker ENOV, keeping the same CIK. A parent price series keyed on CFX stops there. Separately Enovis retained 10 percent, so roughly 54.0 million shares were distributed against 60.0 million outstanding, and the information statement's own estimate of 59,997,743 is superseded by the post-split count in the March 28 filing.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2021-03-04Separation announced
- 2022-02-22Form 10 filed
- 2022-03-17Form 10 last amended
- 2022-03-18Form 10 effective
- 2022-03-22Record date
- —When-issued trading opens
- 2022-04-04Distribution
- 2022-05-10First standalone earnings
- —Index inclusion announced
Performance since separation
| ESAB Corp since separation | +62.80% |
|---|---|
| Enovis CORP over the same window | -61.24% |
| S&P 500 (SPY) over the same window | +67.63% |
| Russell 2000 (IWM) over the same window | +44.27% |
| Excess over the S&P 500 | -4.83% |
| Excess over the Russell 2000 | +18.53% |
Measured from the first regular-way close on or after the distribution — 2022-04-04 at 50.00 — to 2026-08-21 at 81.40. Window: 4.4 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | price history starts after the separation |
|---|---|
| Combined (Enovis CORP + ESAB Corp), pre-distribution to now | -23.86% |
| Combined excess over the S&P 500 | -92.92% |
| Combined excess over the Russell 2000 | -68.37% |
Combined treats a pre-spin holding as 1 ESAB share for every 3 Colfax shares valued at the parent's last close before regular post-spin trading resumed — 2022-04-01 at 69.86 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2022-02-22 · 0001193125-22-047796Initial Form 10 registration statement
- 10-12B/Afiled 2022-03-17 · 0001193125-22-077739Final amendment; Ex-99.1 information statement carries the 1-for-3 ratio and the March 22 record date
- 8-Kfiled 2022-03-28 · 0001193125-22-085891Item 5.03 stock split; states 60,034,311 shares outstanding afterwards
- 8-Kfiled 2022-04-08 · 0001193125-22-100373Completion: distribution made April 4, 2022 after the NYSE close; Enovis retained 10 percent
- 8-Kfiled 2022-05-10 · 0001877322-22-000006Item 2.02 first results release as an independent company
Notes
Colfax's separation of its fabrication technology business, with the remaining medical technology company renaming itself Enovis. The distribution took effect after the NYSE close on April 4, so regular-way ESAB trading began the next session. Left unclassified: the SIC codes place the two in different four-digit groups but the same broad machinery and medical-device families, and the split is genuinely between unrelated industries — a case the two-digit test does not settle cleanly. Classified focus_increasing: the Form 10 separates a specialty medical-device business (renamed Enovis) from welding/cutting/fabrication technology and gas control equipment — different products, manufacturing processes and end markets by the filing's own language. ESAB was levered to pay Colfax a $1.2 billion cash distribution funded by new debt facilities, roughly swapping $1.2 billion of ESAB's pre-spin equity for debt.