Palmer and Harvey has confirmed it has entered a period of exclusivity with The Carlyle Group ahead of a planned takeover by the buyout firm.
The terms of the potential transaction include Carlyle taking control of the equity of the wholesaler.
The potential transaction remains subject to ongoing due diligence and contract. P&H had worked with PricewaterhouseCoopers LLP, acting as its financial adviser, to explore all of its strategic options.
P&H said the potential transaction would provide “a strong financial platform” from which to build upon its 90 years of experience in the wholesale industry and ”take full advantage of the many opportunities across its markets”.
It will share more details about this development with its customers, suppliers and many trading partners in the coming weeks.