Piper injects £8m into Be At One

The GP secured a "significant" minority stake in Be At One. It invested via its fifth fund, which closed earlier this year on £107m. Piper initially approached the company directly in 2007, but Be At One chose to run a focused process in 2011.

The company stated that it had the opportunity to work with a number of other investors, but went with Piper partly based on its experience in the restaurants and bars sector.

The fresh equity will be used to finance a roll-out programme for Be At One.

Company
Established in 1998, Be At One was founded by three former TGI Friday's barmen. The company now operates 12 cocktail bars in London and generates a £10m turnover. It currently has 125 employees.

People
Peter Kemp-Welch handled the deal for Piper. Steve Locke, Rhys Oldfield and Leigh Miller are co-founders of Be At One.

Advisers
Equity – Addleshaw Goddard (Legal); BDO (Financial due diligence).
Company – Zolfo Cooper (Corporate finance).

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• Topics
• UK / Ireland
• Expansion
• Consumer
• United Kingdom
• Piper Private Equity