18th Jan 2022 08:50
(Alliance News) - Petershill Partners PLC announced on Tuesday that it completed acquisitions worth USD458 million in the fourth quarter of 2021 and expects they will be immediately add to earnings.
The London-based investment firm, which was spun off from Goldman Sachs Group Inc, buys stakes in alternative asset managers. It said the acquisitions were with the general partners of five private equity firms including US-based firms Arsenal Capital Partners, Wind Point Partners and Symphony Technology Group. Further details will be provided with its 2021 results, Petershill said.
Of the acquisitions, USD241 million were funded at close and the remaining balance was deferred and are yet to be funded, Petershill added.
Petershill said that it is expected the acquisitions will be immediately accretive to earnings forecasts. The company expects the impact of the acquisitions growing to around 9% accretive by 2023.
Shares in Petershill were up 2.1% at 242.50 pence on Tuesday morning in London. The company floated on the London Main Market at the end of September at a price of 350p per share, so the stock is down 31% since.
By Heather Rydings; [email protected]
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