Key Capital Partners backs Alliance MBO

Amy King
24 April 2014

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Key Capital Partners (KCP) has backed the ТЃ11m management buyout of school catering provider Alliance in Partnership (AiP).

The GP committed £5.2m for a majority stake in the firm, with senior debt provided by Yorkshire Bank to support the deal.

The firm expects to profit from the introduction of free school meals for all Key Stage 1 pupils in UK state schools.

Company
Founded in 1998 and based in Oldbury, AiP is a catering contractor for educational institutions. The firm feeds more than 35,000 pupils a day across central England and west London at primary, secondary, academy and specialist schools in the independent and state sector.

AiP posted a £13.2m turnover in 2013 and a pre-tax profit of £1.6m. The company employs 800 staff.

People
Richard Thomas is an investment director at KCP and led the deal alongside Owen Trotter.

Advisers
Equity – Springboard Corporate Finance, David Neate (Corporate finance); Mills & Reeve, Peter McLintock, Ryan Hawley (Legal); RPL, Roger Penney (Commercial due diligence); Baker Tilly (Financial due diligence).
Management – Shakespeares, Keith Spedding (Legal).
Debt – Pinsent Masons (Legal).