Whitestone Group ECP becomes the first successful portfolio exit

Whitestone Group achieved its first portfolio exit. It sold its 20% stake in Luxembourg-based European Capital Partners for €2.2m, realizing a €1.2m capital gain and a 22% IRR (2.7x MOIC). This sale of ECP amounted to €2m, while the stake in ECP Participations (offices) was sold for €157k. The exit supports ongoing collaboration on a Multi-Assets fund while enabling external growth at ECP via a new shareholder. This transaction aligns with the strategic goal to divest 50% of assets by 2030 to unlock value and reduce the €2.2m accumulated loss as of FY24-end. This could lead to the dividend initiation which in the long run will draw institutional interest. Strong gold and silver performance bodes well for GFI's contribution. Whitestone's enhanced communication, high-potential assets like ESG and GFI, synergy within the Treestone Group, and ambitious deal-driven growth reinforce our positive outlook. We maintain our €14.2 target price.