Harvest Partners Announces Strategic Minority Investment by Goldman Sachs Asset Management
Harvest Partners, a leading middle-market private investment firm, today announced that Goldman Sachs Asset Management’s Petershill program has made a strategic minority investment in Harvest Partners.
The passive investment, which represents 15 percent of the firm, will allow Harvest Partners to expand the ownership of the firm and further develop its platform, building on the firm’s long history of investing in the middle-market in North America. As part of the transaction, Harvest Partners’ senior leadership has made long-term commitments to the business. Terms of the transaction were not disclosed.
Thomas Arenz, a Partner of Harvest Partners, said, “We are very pleased to be partnering with Goldman Sachs, a respected global institution that brings a broad range of capabilities and experience in supporting investment management firms. The investment by Petershill enables us to build on our 37-year history and execute our long term strategy to broaden our middle market franchise.”
Christian von Schimmelmann, co-head of Goldman Sachs Asset Management’s Petershill program, said, “Harvest Partners has been able to build a world-class private equity business, delivering strong returns to investors for almost four decades. We are excited to expand our relationship with Harvest Partners through this investment and look forward to providing the firm with strategic capital and support.” Evercore served as financial advisor to Harvest Partners and Kirkland & Ellis served as legal counsel.
Founded in 1981, Harvest Partners (www.harvestpartners.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services and consumer, healthcare services, industrial services, and manufacturing and distribution sectors. This strategy leverages Harvest Partners’ more than 37 years of experience in financing organic and acquisition-oriented growth companies.
Goldman Sachs Asset Management (GSAM) is one of the world’s leading asset managers with over 2,000 professionals across 30 offices worldwide. Within GSAM, the Alternative Investments & Manager Selection (AIMS) Group, which manages over $200 billion in assets, provides investors with investment and advisory solutions across leading external private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. Institutional and individual investors access these opportunities in the form of new fund commitments, multi-manager programs, strategic partnerships, secondary-market investments, co-investments, and management company stakes through the Petershill program. With investments in over 20 asset management firms, the Petershill program provides strategic capital to mid- sized asset management firms and has raised over $5 billion of commitments since inception.