Alchemy Partners

Last updated
Alchemy Partners
Company type Private
Industry Private equity
Founded1997;28 years ago (1997)
Headquarters London, United Kingdom
Key people
Dominic Slade (Managing partner)
Ian Cash (partner)
Alex Dupée (partner)
Alex Leicester (partner)
John Rowland (partner, CFO & CFO)
Toby Westcott (partner)
Products Investments, private equity funds
AUM £2.2 billion (2024)
Number of employees
+40
Website www.alchemypartners.co.uk

Alchemy Partners is a British private equity firm, which specialises in investing in distressed and undervalued or underperforming businesses and other special situations through debt and equity throughout Europe. [1]

Contents

Alchemy was founded in 1997 by Martin Bolland, Robert Barnes [2] and Jon Moulton. [3] Before launching dedicated distressed vehicles, it invested in other transactions. Notable transactions included Four Seasons Health Care, [4] Alcentra [5] and Phoenix IT. [6]

Alchemy came to public notice in 1999, when it was negotiating to buy Rover Group from BMW; its advisory board members included former Rover MD Kevin Morley. After public protests, the discussions were abandoned when the government imposed additional conditions to the transaction. [7]

Alchemy launched its first distressed debt fund, Alchemy Special Opportunities, in 2006 with a final close of £300m.

Moulton resigned from Alchemy in September 2009, saying that he disagreed with plans by other partners to turn Alchemy into a specialist financial services firm. [8]

Alchemy raised £500m for the second distressed debt fund in 2010 and £600m for Alchemy Special Opportunities Fund III in March 2014. [9] [1] A fourth fund was announced in August 2017, [10] with a final close of $1.2bn in October 2018. [11]

The Funds invest in the debt and equity of public and private companies in the UK and continental Europe. Funding is provided by a large number of blue-chip investors including major banks, pension funds, fund-of-funds, university endowments and high-net-worth individuals. Today the firm manages over £1.5bn. [1]

Alchemy is structured as an advisory business based in London, Alchemy Partners LLP, which advises a fund manager based in Guernsey, Alchemy Partners (Guernsey) Ltd. [1] [12]

Investments

In 2006, Alchemy acquired a majority stake of Revolution Bars Group for a sum of £42.5m. [13] [14]

In November 2011, Alchemy, together with Ashmore, invested $6.43m in Seed Infotech. [15] In May 2014, Alchemy invested in Hampshire Trust Bank. [16] In November 2014, Alchemy, together with American Davidson Kempner Capital Management, invested in French casino operators and online sports betting platform JOA Groupe, acquiring a majority stake. [17] [18]

In January 2015, Alchemy supported London-based Incisive Media in their debt-for-equity restructuring, acquiring a majority stake. [19] [20] [21] In November 2016, Alchemy invested an undisclosed amount in M2 Subsea, the Aberdeen and Houston based provider of remotely operated vehicles for the oil and gas industry. [22] [23] In October 2017, Alchemy sold its stake in JOA Groupe to Blackstone Tactical Opportunities and Kings Park Capital. [24] [25]

In June 2021, Alchemy invested £100m in London-based payment service provider DNA Payments. [26] [27] In October 2021, Alchemy invested $90m in Apollo Group Holdings, an independent Lloyd's specialist insurance and reinsurance group, based in London. [28] [29]

References

  1. 1 2 3 4 "Alchemy Partners website". Archived from the original on 2008-11-20. Retrieved 2008-09-04.
  2. ↑ "Our team". Alchemy. Retrieved 2024-12-29.
  3. ↑ Jon Moulton, founder, Alchemy Partners: Dicing with the debt meister. The Independent, 29 October 2006
  4. ↑ "Care homes net Alchemy £200m". The Independent. 2004-07-05. Retrieved 2024-02-25.
  5. ↑ "Alcentra's Credit Alternatives Vision". thehedgefundjournal.com. Retrieved 2024-02-25.
  6. ↑ Wray, Richard (2004-10-27). "Phoenix float will enrich chief". The Guardian. ISSN   0261-3077 . Retrieved 2024-02-25.
  7. ↑ "BBC News - BUSINESS - Alchemy shies away from Rover risk". news.bbc.co.uk. Retrieved 16 April 2019.
  8. ↑ "Alchemy hit by Moulton's parting shots". Financial Times. 3 September 2009. Retrieved 16 April 2019.
  9. ↑ "Alchemy fund eyes distressed companies". Financial Times. 4 April 2011. Retrieved 16 April 2019.
  10. ↑ "Alchemy Partners prepares for flagship fund launch". Financial News. 22 August 2017. Retrieved 15 May 2018.
  11. ↑ "Alchemy Partners Portfolio Investments, Alchemy Partners Funds, Alchemy Partners Exits". www.cbinsights.com. Retrieved 2024-02-21.
  12. ↑ "Alchemy fund eyes distressed companies". Financial Times. April 4, 2011.
  13. ↑ Elledge, Jonn (2006-02-01). "Alchemy buys into Revolution". Private Equity International. Retrieved 2024-07-29.
  14. ↑ Feddy, Kevin (2005-12-20). "£42.5M settles bar war". Manchester Evening News. Retrieved 2024-07-29.
  15. ↑ "Alchemy Partners - Investments, Portfolio & Exits - Tracxn". tracxn.com. 2024-01-09. Retrieved 2024-02-23.
  16. ↑ Hosking, Patrick (2024-02-21). "Alchemy Partners step into banking". The Times . ISSN   0140-0460 . Retrieved 2024-02-21.
  17. ↑ "Le casinotier Joa change d'actionnariat". Le Figaro (in French). 2014-11-17. Retrieved 2024-11-06.
  18. ↑ CHOUINARD, TOMMY (2014-11-12). "Casinos en France: Loto-Québec a perdu 100 millions". La Presse (in Canadian French). Retrieved 2024-11-06.
  19. ↑ Devine, Anna (2015-01-12). "Alchemy leads Incisive debt for equity swap". Private Debt Investor. Retrieved 2024-11-05.
  20. ↑ "Alchemy secures majority stake in Incisive Media | Unquote". www.unquote.com. 2015-01-08. Retrieved 2024-11-05.
  21. ↑ "Incisive Media agrees debt for equity swap with Alchemy Partners". Investment Week. 2015-01-08. Retrieved 2024-11-05.
  22. ↑ "M2 Subsea attracts ROV investment". World Pipelines. 2016-11-01. Retrieved 2024-02-25.
  23. ↑ "Alchemy invests in M2 Subsea | Unquote". www.unquote.com. 2016-11-01. Retrieved 2024-02-25.
  24. ↑ "France – Joa could be about to change hands". G3 Newswire. 9 August 2017. Retrieved 7 November 2024.
  25. ↑ "DC Advisory advised Alchemy Partners on the sale of JOA Groupe to Blackstone Group". DC Advisory. Retrieved 7 November 2024.
  26. ↑ "Alchemy Partners invests £100m in DNA Payments". Fintech Futures. 16 June 2021. Retrieved 24 February 2024.
  27. ↑ "DNA Payments Raises £100 Million to Accelerate Growth and Make New Acquisitions". www.businesswire.com. 2021-06-14. Retrieved 2024-02-24.
  28. ↑ "Apollo gets $90m investment from Alchemy, to build on hybrid Lloyd's model". Reinsurance News. 11 October 2021. Retrieved 26 February 2024.
  29. ↑ "Apollo Group Holdings seals multi-million investment". Insurance Business. 12 October 2021. Retrieved 26 February 2024.
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