Alchemy Partnersis a Britishprivate equity firm,which specialises in investing in distressed and undervalued or underperforming businesses and otherspecial situationsthrough debt and equity throughout Europe.[1]
 | |
| Company type | Limited liability partnership |
|---|---|
| Industry | Private Equity |
| Founded | 1997 |
| Headquarters | London,United Kingdom |
Key people | Dominic Slade (Managing Partner), Ian Cash (Partner), Frits Prakke (Partner) |
| Products | Investments,private equity funds |
| Total assets | £1500 million |
| Website | www |
Alchemy was founded in 1997 byMartin BollandandJon Moulton.[2]Before launching dedicated distressed vehicles, it invested in other transactions. Notable transactions includedFour Seasons Health Care,[3]Alcentra[4]and Phoenix IT.[5]
Alchemy came to public notice in 1999, when it was negotiating to buyRover GroupfromBMW;its advisory board members included former Rover MDKevin Morley.After public protests, the discussions were abandoned when the government imposed additional conditions to the transaction.[6]
Alchemy launched its firstdistressed debtfund, 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.[7]
Alchemy raised £500m for the second distressed debt fund in 2010 and £600m for Alchemy Special Opportunities Fund III in March 2014.[8][1]A fourth fund was announced in August 2017,[9]with a final close of $1.2bn in October 2018.[10]
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 inGuernsey,Alchemy Partners (Guernsey) Ltd.[1][11]
Investments
editIn 2006, Alchemy acquired a majority stake ofRevolution Bars Groupfor a sum of £42.5m.[12][13]
In November 2011, Alchemy, together withAshmore,invested $6.43m in Seed Infotech.[14]In May 2014, Alchemy invested in Hampshire Trust Bank.[15]In November 2014, Alchemy, together with AmericanDavidson Kempner Capital Management,invested in Frenchcasino operatorsandonline sports betting platformJOA Groupe, acquiring a majority stake.[16][17]
In January 2015, Alchemy supported London-basedIncisive Mediain their debt-for-equity restructuring, acquiring a majority stake.[18][19][20]In November 2016, Alchemy invested an undisclosed amount in M2 Subsea, the Aberdeen and Houston based provider ofremotely operated vehiclesfor the oil and gas industry.[21][22]In October 2017, Alchemy sold its stake in JOA Groupe toBlackstone Tactical Opportunitiesand Kings Park Capital.[23][24]
In June 2021, Alchemy invested £100m in London-basedpayment service providerDNA Payments.[25][26]In October 2021, Alchemy invested $90m in Apollo Group Holdings, an independentLloyd'sspecialist insurance and reinsurance group, based in London.[27][28]
References
edit- ^abcd"Alchemy Partners website".Archived fromthe originalon 2008-11-20.Retrieved2008-09-04.
- ^Jon Moulton, founder, Alchemy Partners: Dicing with the debt meister.The Independent,29 October 2006
- ^"Care homes net Alchemy £200m".The Independent.2004-07-05.Retrieved2024-02-25.
- ^"Alcentra's Credit Alternatives Vision".thehedgefundjournal.Retrieved2024-02-25.
- ^Wray, Richard (2004-10-27)."Phoenix float will enrich chief".The Guardian.ISSN0261-3077.Retrieved2024-02-25.
- ^"BBC News - BUSINESS - Alchemy shies away from Rover risk".news.bbc.co.uk.Retrieved16 April2019.
- ^"Alchemy hit by Moulton's parting shots".Financial Times.3 September 2009.Retrieved16 April2019.
- ^"Alchemy fund eyes distressed companies".Financial Times.4 April 2011.Retrieved16 April2019.
- ^"Alchemy Partners prepares for flagship fund launch".Financial News.22 August 2017.Retrieved15 May2018.
- ^"Alchemy Partners Portfolio Investments, Alchemy Partners Funds, Alchemy Partners Exits".cbinsights.Retrieved2024-02-21.
- ^"Alchemy fund eyes distressed companies".Financial Times. April 4, 2011.
- ^Elledge, Jonn (2006-02-01)."Alchemy buys into Revolution".Private Equity International.Retrieved2024-07-29.
- ^Feddy, Kevin (2005-12-20)."£42.5M settles bar war".Manchester Evening News.Retrieved2024-07-29.
- ^"Alchemy Partners - Investments, Portfolio & Exits - Tracxn".tracxn.2024-01-09.Retrieved2024-02-23.
- ^Hosking, Patrick (2024-02-21)."Alchemy Partners step into banking".The Times.ISSN0140-0460.Retrieved2024-02-21.
- ^"Le casinotier Joa change d'actionnariat".Le Figaro(in French). 2014-11-17.Retrieved2024-11-06.
- ^CHOUINARD, TOMMY (2014-11-12)."Casinos en France: Loto-Québec a perdu 100 millions".La Presse(in Canadian French).Retrieved2024-11-06.
- ^Devine, Anna (2015-01-12)."Alchemy leads Incisive debt for equity swap".Private Debt Investor.Retrieved2024-11-05.
- ^"Alchemy secures majority stake in Incisive Media | Unquote".unquote.2015-01-08.Retrieved2024-11-05.
- ^"Incisive Media agrees debt for equity swap with Alchemy Partners".Investment Week.2015-01-08.Retrieved2024-11-05.
- ^"M2 Subsea attracts ROV investment".World Pipelines.2016-11-01.Retrieved2024-02-25.
- ^"Alchemy invests in M2 Subsea | Unquote".unquote.2016-11-01.Retrieved2024-02-25.
- ^"France – Joa could be about to change hands".G3 Newswire.9 August 2017.Retrieved7 November2024.
- ^"DC Advisory advised Alchemy Partners on the sale of JOA Groupe to Blackstone Group".DC Advisory.Retrieved7 November2024.
- ^"Alchemy Partners invests £100m in DNA Payments".Fintech Futures.16 June 2021.Retrieved24 February2024.
- ^"DNA Payments Raises £100 Million to Accelerate Growth and Make New Acquisitions".businesswire.2021-06-14.Retrieved2024-02-24.
- ^"Apollo gets $90m investment from Alchemy, to build on hybrid Lloyd's model".Reinsurance News.11 October 2021.Retrieved26 February2024.
- ^"Apollo Group Holdings seals multi-million investment".Insurance Business.12 October 2021.Retrieved26 February2024.