Petershill Partners Completes Sale of Stake in Harvest Partners at Premium
Why we think this is good
The RNS announcement details the sale of Petershill Partners' stake in Harvest Partners for a total nominal consideration of $561 million, representing a 22% premium to the carrying value. This is a positive development, as it demonstrates Petershill Partners' ability to realize assets at attractive valuations. The estimated impact on 2025 and 2026 distributable earnings is relatively small, at a reduction of approximately 4% and 5%, respectively. Overall, the transaction is viewed positively, as it generates a significant premium for Petershill Partners.
Key Points
- Petershill Partners sells stake in Harvest Partners for $561 million, a 22% premium to carrying value
- Harvest Partners is an established private equity firm with over 40 years of experience
- Transaction further demonstrates Petershill Partners' value creation model
- Estimated impact on 2025 and 2026 distributable earnings is a reduction of 4% and 5%, respectively
Summary
Petershill Partners has completed the sale of its stake in Harvest Partners to a third-party external investor for a total nominal consideration of $561 million, representing a 22% premium to the $459 million carrying value. The transaction further demonstrates Petershill Partners' value creation model and the efficacy of the net asset value. The estimated impact on 2025 and 2026 distributable earnings is a reduction of approximately 4% and 5%, respectively, based on current consensus distributable earnings.