{{Short description|British private equity firm}} {{Infobox company | name = Alchemy Partners | logo = Alchemy Partners logo.svg | type = Private | foundation = {{sda|1997}} | key_people = Dominic Slade (Managing partner) <br />Ian Cash (partner) <br> Alex Dupée (partner) <br />Alex Leicester (partner) <br /> John Rowland (partner, CFO & CFO) <br> Toby Westcott (partner) | location = London, United Kingdom | industry = Private equity | products = Investments, private equity funds | aum = £2.2 billion (2024) | homepage = {{url|http://www.alchemypartners.co.uk/}} | num_employees = +40 }}
'''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.<ref name=Alchemy>{{Cite web |url=http://www.alchemypartners.co.uk/funds/ |title=Alchemy Partners website |access-date=2008-09-04 |archive-url=https://web.archive.org/web/20081120020628/http://www.alchemypartners.co.uk/funds/ |archive-date=2008-11-20 |url-status=dead }}</ref>
Alchemy was founded in 1997 by Martin Bolland, Robert Barnes<ref>{{Cite web |title=Our team |url=https://www.alchemypartners.co.uk/our-team/ |access-date=2024-12-29 |website=Alchemy |language=en}}</ref> and Jon Moulton.<ref>[https://www.independent.co.uk/news/business/analysis-and-features/jon-moulton-founder-alchemy-partners-dicing-with-the-debt-meister-422004.html Jon Moulton, founder, Alchemy Partners: Dicing with the debt meister]. ''The Independent'', 29 October 2006</ref> Before launching dedicated distressed vehicles, it invested in other transactions. Notable transactions included Four Seasons Health Care,<ref>{{Cite web |date=2004-07-05 |title=Care homes net Alchemy £200m |url=https://www.independent.co.uk/news/business/news/care-homes-net-alchemy-aps200m-46049.html |access-date=2024-02-25 |website=The Independent |language=en}}</ref> Alcentra<ref>{{Cite web |title=Alcentra’s Credit Alternatives Vision |url=https://thehedgefundjournal.com/alcentra-s-credit-alternatives-vision/ |access-date=2024-02-25 |website=thehedgefundjournal.com |language=en-GB}}</ref> and Phoenix IT.<ref>{{Cite news |last=Wray |first=Richard |date=2004-10-27 |title=Phoenix float will enrich chief |url=https://www.theguardian.com/business/2004/oct/27/6 |access-date=2024-02-25 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> 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.<ref>{{cite web|url=https://news.bbc.co.uk/2/hi/business/679554.stm|title=BBC News - BUSINESS - Alchemy shies away from Rover risk|author=|date=|website=news.bbc.co.uk|access-date=16 April 2019}}</ref>
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.<ref>{{cite web |author= |date=3 September 2009 |title=Alchemy hit by Moulton’s parting shots |url=https://www.ft.com/content/cfed0178-98be-11de-aa1b-00144feabdc0 |accessdate=16 April 2019 |website=Financial Times}}</ref>
Alchemy raised £500m for the second distressed debt fund in 2010 and £600m for Alchemy Special Opportunities Fund III in March 2014.<ref>{{cite web |author= |date=4 April 2011 |title=Alchemy fund eyes distressed companies |url=https://www.ft.com/content/f4898920-5e33-11e0-b1d8-00144feab49a |accessdate=16 April 2019 |website=Financial Times}}</ref><ref name=Alchemy/> A fourth fund was announced in August 2017,<ref>{{cite web|url=https://www.fnlondon.com/articles/alchemy-partners-prepares-for-flagship-fund-launch-20170822|title=Alchemy Partners prepares for flagship fund launch|date=22 August 2017|publisher=Financial News|access-date=15 May 2018}}</ref> with a final close of $1.2bn in October 2018.<ref>{{Cite web |title=Alchemy Partners Portfolio Investments, Alchemy Partners Funds, Alchemy Partners Exits |url=https://www.cbinsights.com/investor/alchemy |access-date=2024-02-21 |website=www.cbinsights.com}}</ref>
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.<ref name=Alchemy/>
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.<ref name=Alchemy/><ref>{{cite news|url=https://www.ft.com/content/f4898920-5e33-11e0-b1d8-00144feab49a |title=Alchemy fund eyes distressed companies |publisher=Financial Times |date=April 4, 2011 }}</ref>
== Investments == In 2006, Alchemy acquired a majority stake of Revolution Bars Group for a sum of £42.5m.<ref>{{Cite web |last=Elledge |first=Jonn |date=2006-02-01 |title=Alchemy buys into Revolution |url=https://www.privateequityinternational.com/alchemy-buys-into-revolution/ |access-date=2024-07-29 |website=Private Equity International |language=en-GB}}</ref><ref>{{Cite web |last=Feddy |first=Kevin |date=2005-12-20 |title=£42.5M settles bar war |url=https://www.manchestereveningnews.co.uk/business/business-news/425m-settles-bar-war-1095883 |access-date=2024-07-29 |website=Manchester Evening News |language=en}}</ref>
In November 2011, Alchemy, together with Ashmore, invested $6.43m in Seed Infotech.<ref>{{Cite web |date=2024-01-09 |title=Alchemy Partners - Investments, Portfolio & Exits - Tracxn |url=https://tracxn.com/d/private-equity/alchemy-partners/__PrlCzyZ83Rm_JNbcYZzAJgtsQPQ779hOVJquIguVbe8 |access-date=2024-02-23 |website=tracxn.com |language=en}}</ref> In May 2014, Alchemy invested in Hampshire Trust Bank.<ref>{{Cite news |last=Hosking |first=Patrick |date=2024-02-21 |title=Alchemy Partners step into banking |url=https://www.thetimes.com/article/alchemy-partners-step-into-banking-rvcxj53qh5s |access-date=2024-02-21 |work=The Times |language=en |issn=0140-0460}}</ref> 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.<ref>{{Cite web |date=2014-11-17 |title=Le casinotier Joa change d'actionnariat |url=https://www.lefigaro.fr/societes/2014/11/17/20005-20141117ARTFIG00371-le-casinotier-joa-change-d-actionnariat.php |access-date=2024-11-06 |website=Le Figaro |language=fr}}</ref><ref>{{Cite news |last=CHOUINARD |first=TOMMY |date=2014-11-12 |title=Casinos en France: Loto-Québec a perdu 100 millions |url=https://www.lapresse.ca/actualites/201411/12/01-4818420-casinos-en-france-loto-quebec-a-perdu-100-millions.php |access-date=2024-11-06 |work=La Presse |language=fr-CA}}</ref>
In January 2015, Alchemy supported London-based Incisive Media in their debt-for-equity restructuring, acquiring a majority stake.<ref>{{Cite web |last=Devine |first=Anna |date=2015-01-12 |title=Alchemy leads Incisive debt for equity swap |url=https://www.privatedebtinvestor.com/alchemy-leads-incisive-debt-for-equity-swap/ |access-date=2024-11-05 |website=Private Debt Investor |language=en-GB}}</ref><ref>{{Cite web |date=2015-01-08 |title=Alchemy secures majority stake in Incisive Media {{!}} Unquote |url=https://www.unquote.com/uk/official-record/63897/alchemy-secures-majority-stake-in-incisive-media |access-date=2024-11-05 |website=www.unquote.com |language=en}}</ref><ref>{{Cite web |date=2015-01-08 |title=Incisive Media agrees debt for equity swap with Alchemy Partners |url=https://www.investmentweek.co.uk/investment-week/news/2389364/incisive-media-agrees-debt-equity-swap-alchemy-partners |access-date=2024-11-05 |website=Investment Week |language=en}}</ref> 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.<ref>{{Cite web |date=2016-11-01 |title=M2 Subsea attracts ROV investment |url=https://www.worldpipelines.com/equipment-and-safety/01112016/m2-subsea-attracts-rov-investment/ |access-date=2024-02-25 |website=World Pipelines |language=en}}</ref><ref>{{Cite web |date=2016-11-01 |title=Alchemy invests in M2 Subsea {{!}} Unquote |url=https://www.unquote.com/uk/official-record/3002482/alchemy-invests-in-m2-subsea |access-date=2024-02-25 |website=www.unquote.com |language=en}}</ref> In October 2017, Alchemy sold its stake in JOA Groupe to Blackstone Tactical Opportunities and Kings Park Capital.<ref>{{Cite web |date=9 August 2017 |title=France – Joa could be about to change hands |url=https://g3newswire.com/france-joa-change-hands/ |access-date=7 November 2024 |website=G3 Newswire}}</ref><ref>{{Cite web |title=DC Advisory advised Alchemy Partners on the sale of JOA Groupe to Blackstone Group |url=https://www.dcadvisory.com/news-deals-insights/deal-announcements/dc-advisory-advised-alchemy-partners-on-the-sale-of-joa-groupe-to-blackstone-group/#gref |access-date=7 November 2024 |website=DC Advisory}}</ref>
In June 2021, Alchemy invested £100m in London-based payment service provider DNA Payments.<ref>{{Cite web |date=16 June 2021 |title=Alchemy Partners invests £100m in DNA Payments |url=https://www.fintechfutures.com/2021/06/alchemy-partners-invests-100m-in-dna-payments/ |access-date=24 February 2024 |website=Fintech Futures}}</ref><ref>{{Cite web |date=2021-06-14 |title=DNA Payments Raises £100 Million to Accelerate Growth and Make New Acquisitions |url=https://www.businesswire.com/news/home/20210614005161/en/DNA-Payments-Raises-%C2%A3100-Million-to-Accelerate-Growth-and-Make-New-Acquisitions |access-date=2024-02-24 |website=www.businesswire.com |language=en}}</ref> In October 2021, Alchemy invested $90m in Apollo Group Holdings, an independent Lloyd's specialist insurance and reinsurance group, based in London.<ref>{{Cite web |date=11 October 2021 |title=Apollo gets $90m investment from Alchemy, to build on hybrid Lloyd’s model |url=https://www.reinsurancene.ws/apollo-gets-90m-investment-from-alchemy-to-build-on-hybrid-lloyds-model/ |access-date=26 February 2024 |website=Reinsurance News}}</ref><ref>{{Cite web |date=12 October 2021 |title=Apollo Group Holdings seals multi-million investment |url=https://www.insurancebusinessmag.com/uk/news/breaking-news/apollo-group-holdings-seals-multimillion-investment-312849.aspx |access-date=26 February 2024 |website=Insurance Business}}</ref>
== References == {{Reflist}}
== External links == * {{Official website|http://www.alchemypartners.co.uk/}}
{{private equity firms}}
Category:Private equity firms of the United Kingdom