Palmer & Harvey (P&H) has confirmed that it has now signed Heads of Terms and entered a period of exclusivity with private equity firm, The Carlyle Group, with the intention of securing significant capital investment ('Potential Transaction').
The terms of the Potential Transaction will include the incoming investor taking control of the equity of Palmer and Harvey McLane (Holdings) Limited.
The Potential Transaction remains subject to ongoing due diligence and contract and follows a period during which Palmer and Harvey has worked with PricewaterhouseCoopers LLP, acting as its financial adviser, to explore all of its strategic options. Further announcements will be made as and when appropriate in due course.
The company stated it was grateful to all parties for the time invested in exploring the opportunities presented and will share more details about this development with its customers, suppliers and many trading partners in the coming weeks.
Palmer & Harvey said it looks forward to securing this Potential Transaction which will provide a strong financial platform from which to build upon its 90 years of experience in the wholesale industry, its strong customer relationships, and its unrivalled scale to take full advantage of the many opportunities across its markets.