What it does
Shed surfaces likely divestiture candidates. The premise: when a new sponsor (PE firm or corporate) acquires a platform that itself has prior add-ons, the add-ons that don't fit the new owner's thesis are often the next things sold off. Shed scans recent platform acquisitions, scores each inherited add-on on four divest signals, and groups results into three tiers:
Possible (red) — 2+ divest signals stacked on one add-on. Higher likelihood the new sponsor reviews and divests.
Watch (orange) — 1 divest signal. Worth monitoring.
Likely Retained (grey, collapsed by default) — no signals fired. Surface the action, hide the noise.
When to use it
Sell-side pitches. Call the new sponsor and pitch the divestiture mandate before they put it out to bid.
Carve-out acquisition sourcing. Buy the inherited add-on that the new owner is likely to dispose of.
Sourcing add-on targets for your own platform. Other people's discards are often well-positioned for someone in the right adjacent vertical.
Where to access it
How to use it
The filter bar sits across the top. Set the universe, click Apply:
Keyword — match against the platform's or add-ons' name, description, or press. The All / Platform / Add-on scope toggle controls which side the keyword applies to.
Platform Sector — sector of the platform that was just acquired.
Add-on Sector — sector of the inherited add-ons being scored.
Acquirer — Both / PE only (default) / Corporate only. PE-led recap is the original use case; toggle to Both or Corporate to widen.
Min Add-ons — ≥1 (default) / 2 / 3 / 5 / 10. Filter out platforms with too few add-ons to have a meaningful divest universe.
Acquired Within — 12 / 24 (default) / 36 / 60 months. The platform must have been acquired within this window.
Tips
Default acquirer is PE only. That's the original use case. Toggle to Both when you also care about corporate carve-outs.
Min Add-ons ≥ 3 cleans the list fast. Platforms with only one add-on have little divest universe; the scoring is more meaningful when there's choice.
Use the Add-on Sector filter for thesis-driven sourcing. If you're a healthcare investor, filter Add-on Sector = Healthcare and you'll see inherited healthcare assets sitting inside non-healthcare platforms — natural carve-out fit for you.
FAQ
Q: What's the precise definition of "likely divestiture candidate"?
An inherited add-on (acquired by the platform before the platform itself was bought by the current owner) that scores on multiple divest signals: sector mismatch with the platform, aged hold, geographic one-off, sub-scale vs the platform's portfolio median, or parent firm is an active rotator. Two or more signals = Possible; one = Watch; none = Likely Retained.
Q: Why is PE-only the default acquirer?
Because PE-led recap is the cleanest case — sponsors actively re-shape inherited portfolios. Corporate acquirers do divest too (e.g., conglomerate streamlining), but the cadence and signals differ. Switch to Both when you want the full universe.
Q: Why is "Likely Retained" collapsed by default?
Because it's noise for the divestiture use case — these add-ons fired no signals. The collapse is intentional: surface the actionable tier, hide the rest. Click the header to expand if you want the full picture.