COMPANY COMMENT: Charles Pettit’s choice may fuel Stellar break-up talk
It was only last week that deal-making dynamo Charles Pettit announced his (unexpected) exit from Stellar Capital Partners. At the time, there was speculation that Pettit’s imminent departure could result in Stellar — which has large investments in security services business Amecor, wealth manager Prescient and industrial supplies conglomerate Torre — being broken up to release value for shareholders, which include retail tycoon Christo Wiese. Such speculation might be fuelled now that Pettit has indicated a clear enthusiasm for remaining in the inner circle of the local investment sector. On Monday, investment firm Sabvest, headed by the savvy Chris Seabrooke, announced the appointment of Pettit as an executive director from September. The appointment is intriguing, since Sabvest holds a significant minority stake in Torre, a company Pettit was instrumental in building up. There has been talk that Stellar could sell its stake in Torre to industrial giant Invicta, where Wiese also h...
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