A new activist hedge fund, Irenic Capital Management has built a stake in Barnes Group, believing the global industrial and aerospace manufacturer and service provider could be worth twice its current value in a sale, according to a. Report by Bloomberg.

A new activist hedge fund, Irenic Capital Management has built a stake in Barnes Group, believing the global industrial and aerospace manufacturer and service provider could be worth twice its current value in a sale, according to a. Report by Bloomberg.

Barnes Group shares jumped 3% on Friday as news of Irenic's holding broke with the hedge fund, which was found Adam Katz (ex-Elliott Investment Management) and Andy Dodge (Indaba Capital Management), also expected to push for board changes as well as a potential sale of the business.

The report cites unnamed sources as saying that Irenic has told current management that it believes Barnes could be worth up to $60 per share in a sale or – more than double the current price – and regards the company's aerospace unit as being worth more than the entire current market cap of the business. 

Irenic has also reportedly raised concerns about the company's capital allocation, operating performance, executive compensation, and failure to hit financial targets.