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Alchemy Partners

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Alchemy Partners
Company typeLimited liability partnership
IndustryPrivate Equity
Founded1997 (1997)
HeadquartersLondon, United Kingdom
Key people
Dominic Slade (Managing Partner),
Ian Cash (Partner),
Frits Prakke (Partner)
ProductsInvestments, private equity funds
Total assets£1500 million
Websitewww.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]

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

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.[6]

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.[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 in Guernsey, Alchemy Partners (Guernsey) Ltd.[1][11]

Investments

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In 2006, Alchemy acquired a majority stake of Revolution Bars Group for a sum of £42.5m.[12][13]

In November 2011, Alchemy, together with Ashmore, invested $6.43m in Seed Infotech.[14] In May 2014, Alchemy invested in Hampshire Trust Bank.[15] 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.[16][17]

In January 2015, Alchemy supported London-based Incisive Media in 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 of remotely operated vehicles for the oil and gas industry.[21][22] In October 2017, Alchemy sold its stake in JOA Groupe to Blackstone Tactical Opportunities and Kings Park Capital.[23][24]

In June 2021, Alchemy invested £100m in London-based payment service provider DNA Payments.[25][26] In October 2021, Alchemy invested $90m in Apollo Group Holdings, an independent Lloyd's specialist insurance and reinsurance group, based in London.[27][28]

References

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