Piper backs Loungers
Piper Private Equity has injected £16m into UK café-bar chain operator Loungers in exchange for a significant minority stake.
The deal is the private equity firm's largest to date and the second from the Piper V vehicle, which closed on £107m in November 2010.
The investment will underpin Loungers' organic growth and is in line with Piper's experience in the hospitality sector.
Company
Founded in 2002 and based in Bristol, Loungers is a chain of informal, neighbourhood café-bars. The company opened its first unit in Bristol and currently has in excess of 20 locations across the UK. Loungers intends to open a further 50 outlets in the next five years.
People
George Adams and Peter Kemp-Welch led the transaction for Piper and will join the Loungers board. Alex Reilley, Jake Bishop and Dave Reid are founders of Loungers.
Advisers
Equity – Equity Growth Partners, Matt Eves (Corporate finance); Burges Salmon, Mark Shepherd (Legal); Bond Pearce (Legal); BDO (Financial due diligence, tax).
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