Whitestone Group Onboarding a significant partner & quality assets

Whitestone announced that it will acquire the ownership interest of Multifin SA in 4 companies. This will be done through a contribution-in-kind in which Multifin SA will be receive 1,369,680 Whitestone shares for the transferred assets which have a total value of € 17.8m – this translates to a value of € 13.0ps which is at a premium of 18.2% to the last close price. As part of the deal, Whitestone will receive the ownership interests in Energy Solutions Group (€ 12.3m), Clay Capital fund (€ 1.3m), Sibelco (€ 3.2m) and Abbove (€ 1.0m) respectively. The aim of this strategic partnership between Whitestone Group and Multifin SA is to strengthen certain existing holdings and make new investments in SMEs that meet investment criteria with a slight bias toward energy transition and specific materials segments. We welcome the news as it confirmation of Whitestone's initiative to grow its portfolio while being able to onboard well known investment partners with a vast network. We reiterate our BUY rating and € 13.7 TP.