Lonsdale acquires Simmons Bars

Kenny Wastell
05 February 2018

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Lonsdale Capital Partners has acquired a majority stake in Nightlight Leisure, the parent company of UK-based pub and bar chain Simmons Bars.

The transaction involves an element of growth capital, which will enable the company to invest in new sites across London. The group intends to increase its footprint from 12 bars to 30 "in the medium to short term", according to a statement. It also intends to expand into additional UK cities within the next three years.

As part of the deal, Lonsdale founder David Gasparro and director James Knott will take a seat on the Nightlight board of directors. Roy Ellis, formerly chairperson of bar group Revolution, will take on the role of chair at the company.

The deal is the fifth principal investment made by Lonsdale's debut fund, which closed on £110m in April 2016. The vehicle typically invests around £10m in predominantly UK businesses with an EV of £10-50m.

Debt
OakNorth provided a debt package to support the transaction.

Company
Founded in 2012, Nightlight operates a chain of 12 bars across London under the Simmons brand. The company anticipates a turnover of £10m for the year ending in March 2018, according to the aforementioned statement.

People
Lonsdale Capital Partners – David Gasparro (founder); James Knott (director).
Nightlight Leisure – Nick Campbell (founder, CEO).

Advisers
Equity – RSM Tenon (financial due diligence); Pragma Consulting (commercial due diligence); CMS Cameron McKenna (legal); JLT Speciality (insurance due diligence); Clearwater International (debt advisory).