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LONDON - Petershill Partners plc has completed the sale of its stake in private equity firm Harvest Partners to an unnamed third-party investor for $561 million, representing a 22% premium to the stake’s carrying value of $459 million as of December 31, 2024.
The transaction, announced Friday, includes $140 million paid in cash at closing with the remaining $421 million due on the first anniversary of the deal’s completion.
The sale price represents 16% of Petershill Partners’ market capitalization based on the July 17 closing share price of 239 pence per share. The company estimates the disposal will reduce its 2025 and 2026 distributable earnings by approximately 4% and 5% respectively.
"This transaction further demonstrates our ability to realise assets at attractive valuations relative to their carrying values, and a significant premium to the value implied by the current share price," said Ali Raissi-Dehkordy and Robert Hamilton Kelly, Co-Heads of the Petershill Business within Goldman Sachs Asset & Wealth Management, in the press release statement.
Harvest Partners, founded in 1981, is a middle-market private equity firm with over 40 years of experience. Petershill Partners had maintained its stake in Harvest for seven years.
The transaction results in an indicative IFRS gross gain of $76 million before expenses and fees. Transaction (JO:NTUJ) costs are estimated at $26 million, including $14 million in broker expenses.
Petershill Partners’ board will assess the use of proceeds, considering options including new acquisitions, investments in existing partner firms, or potential shareholder distributions.
Since early 2024, Petershill Partners has received aggregate nominal consideration of $1.86 billion from stake sales compared to the $1.39 billion carrying value of disposed assets, representing a premium of approximately 34%.
Evercore served as financial advisor on the transaction.
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