Palmer and Harvey (P&H) has confirmed it is looking to close an exclusive re-financing deal with private equity specialist The Carlyle Group.
The beleaguered delivered wholesaler said at the end of last week that it had signed “Heads of Terms” and entered a period of exclusivity with The Carlyle Group, with the intention of securing “significant capital investment” in return for Carlyle taking control of the business. The deal is still subject to ongoing due diligence and contract. The announcement follows a period in which P&H has worked closely corporate advisers PricewaterhouseCoopers LLP to explore all of its strategic options.
In a statement, P&H said it was “grateful to all parties for the time invested in exploring the opportunities presented” and that it would share more details about the take-over with customers, suppliers and other trading partners “in the coming weeks”.
“The Company 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,” said a P&H spokesperson.