Alchemy Partners

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Alchemy Partners
Company type
Private
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HeadquartersLondon, 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)
ProductsInvestments, private equity funds
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AUM£2.2 billion (2024)
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Number of employees
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Websitewww.alchemypartners.co.uk

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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, 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

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  1. ^ a b c d Page Module:Citation/CS1/styles.css has no content."Alchemy Partners website". Archived from the original on 2008-11-20. Retrieved 2008-09-04.
  2. ^ Page Module:Citation/CS1/styles.css has no content."Our team". Alchemy. Retrieved 2024-12-29.
  3. ^ Jon Moulton, founder, Alchemy Partners: Dicing with the debt meister. The Independent, 29 October 2006
  4. ^ Page Module:Citation/CS1/styles.css has no content."Care homes net Alchemy £200m". The Independent. 2004-07-05. Retrieved 2024-02-25.
  5. ^ Page Module:Citation/CS1/styles.css has no content."Alcentra's Credit Alternatives Vision". thehedgefundjournal.com. Retrieved 2024-02-25.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Wray, Richard (2004-10-27). "Phoenix float will enrich chief". The Guardian. ISSN 0261-3077. Retrieved 2024-02-25.
  7. ^ Page Module:Citation/CS1/styles.css has no content."BBC News - BUSINESS - Alchemy shies away from Rover risk". news.bbc.co.uk. Retrieved 16 April 2019.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy hit by Moulton's parting shots". Financial Times. 3 September 2009. Retrieved 16 April 2019.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy fund eyes distressed companies". Financial Times. 4 April 2011. Retrieved 16 April 2019.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy Partners prepares for flagship fund launch". Financial News. 22 August 2017. Retrieved 15 May 2018.
  11. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy Partners Portfolio Investments, Alchemy Partners Funds, Alchemy Partners Exits". www.cbinsights.com. Retrieved 2024-02-21.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy fund eyes distressed companies". Financial Times. April 4, 2011.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Elledge, Jonn (2006-02-01). "Alchemy buys into Revolution". Private Equity International. Retrieved 2024-07-29.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Feddy, Kevin (2005-12-20). "£42.5M settles bar war". Manchester Evening News. Retrieved 2024-07-29.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy Partners - Investments, Portfolio & Exits - Tracxn". tracxn.com. 2024-01-09. Retrieved 2024-02-23.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Hosking, Patrick (2024-02-21). "Alchemy Partners step into banking". The Times. ISSN 0140-0460. Retrieved 2024-02-21.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Le casinotier Joa change d'actionnariat". Le Figaro (in français). 2014-11-17. Retrieved 2024-11-06.
  18. ^ Page Module:Citation/CS1/styles.css has no content.CHOUINARD, TOMMY (2014-11-12). "Casinos en France: Loto-Québec a perdu 100 millions". La Presse (in français). Retrieved 2024-11-06.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Devine, Anna (2015-01-12). "Alchemy leads Incisive debt for equity swap". Private Debt Investor. Retrieved 2024-11-05.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy secures majority stake in Incisive Media | Unquote". www.unquote.com. 2015-01-08. Retrieved 2024-11-05.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Incisive Media agrees debt for equity swap with Alchemy Partners". Investment Week. 2015-01-08. Retrieved 2024-11-05.
  22. ^ Page Module:Citation/CS1/styles.css has no content."M2 Subsea attracts ROV investment". World Pipelines. 2016-11-01. Retrieved 2024-02-25.
  23. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy invests in M2 Subsea | Unquote". www.unquote.com. 2016-11-01. Retrieved 2024-02-25.
  24. ^ Page Module:Citation/CS1/styles.css has no content."France – Joa could be about to change hands". G3 Newswire. 9 August 2017. Retrieved 7 November 2024.
  25. ^ Page Module:Citation/CS1/styles.css has no content."DC Advisory advised Alchemy Partners on the sale of JOA Groupe to Blackstone Group". DC Advisory. Retrieved 7 November 2024.
  26. ^ Page Module:Citation/CS1/styles.css has no content."Alchemy Partners invests £100m in DNA Payments". Fintech Futures. 16 June 2021. Retrieved 24 February 2024.
  27. ^ Page Module:Citation/CS1/styles.css has no content."DNA Payments Raises £100 Million to Accelerate Growth and Make New Acquisitions". www.businesswire.com. 2021-06-14. Retrieved 2024-02-24.
  28. ^ Page Module:Citation/CS1/styles.css has no content."Apollo gets $90m investment from Alchemy, to build on hybrid Lloyd's model". Reinsurance News. 11 October 2021. Retrieved 26 February 2024.
  29. ^ Page Module:Citation/CS1/styles.css has no content."Apollo Group Holdings seals multi-million investment". Insurance Business. 12 October 2021. Retrieved 26 February 2024.

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