Alchemy reaps £86m from Revolution IPO

The listing entirely comprised existing shares, with the GP reaping £86m from the sale of an 86% stake. Following the process, Alchemy will retain a 10% shareholding in Revolution.

The price is at the bottom of the 200–240 pence range announced at the end of February. The company had made between 76–96% of its shares available to investors through the process.

Numis Securities acted as sole sponsor, financial adviser, bookrunner and underwriter in the process. Unconditional dealings on the London Stock Exchange will start under the RBG ticker on 18 March.

The listing follows Alchemy's acquisition of a majority stake in Incisive Media, the publisher of B2B titles including unquote", via a debt-for-equity swap in January.

Previous funding
Alchemy invested £22.7m in a take-private deal for Revolution, at the time trading as Inventive Leisure, in January 2006. Around £21.5m of this came in the form of loan notes, with the remainder funding the acquisition of a 68% stake. Bank of Scotland acted as lead debt arranger on the original deal.

Company
London-headquartered Revolution currently operates 58 bars across the UK. The business generated a turnover of £108.7m and adjusted EBITDA of £13.2m in the 12 months to June 2014.

People
Mark McQuater is CEO of Revolution.

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• Topics
• Exits
• UK / Ireland
• Consumer
• Alchemy Partners LLP
• United Kingdom
• IPO