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Unquote
  • Exits

ECI Partners’ Bargain Booze in IPO

  • Ellie Pullen
  • 24 July 2013
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ECI Partners reaped a 4.5x money multiple on its full exit from discount alcohol franchise Bargain Booze, which listed on the London Stock Exchange AIM in an IPO giving the company a market capitalisation of £66.7m.

A total of 64 million shares were offered to institutional investors, at a price of £1 each – the pre-IPO placement raised £64m. Bargain Booze listed on the AIM under the name of its holding company, Conviviality Retail, which encompasses all of the Bargain Booze trading brands such as Bargain Booze Plus and Thoroughgoods.

ECI held a 75% stake in Bargain Booze prior to its full exit from the company through the listing. The proceeds of the flotation will be used by Bargain Booze to pay down debt.

Bargain Booze

  • DEAL:

    IPO

  • VALUE:

    £66.7m

  • LOCATION:

    Crewe

  • SECTOR:

    Speciality retailers

  • FOUNDED:

    1981

  • TURNOVER:

    £372m

  • EBITDA:

    £12.5m

  • STAFF:

    240

  • VENDOR:

    ECI Partners

  • RETURNS:

    4.5x

ECI first invested in Bargain Booze in January 2006. In a deal worth £63.5m, the firm backed the management buyout of the company alongside AIB Corporate Banking. ECI acquired its stake from Bargain Booze's parent company, Electra Partners-backed BWG.

Zeus Capital and Oriel Securities were appointed joint-brokers for the listing, while Zeus also acted as nominated adviser. DLA Piper acted as legal adviser, while PwC was appointed reporting accountant and Grant Thonton performed the short form report.

Bargain Booze started trading on Wednesday 31 July under the ticker symbol CVR.

Company
Headquartered in Crewe, Bargain Booze was founded in 1981 and currently employs 240 staff. The group recorded revenue of £372m for the year ending April 2013, as well as an EBITDA of £12.5m.

The business operates as a franchised chain of off-licence convenience stores, currently holding 611 stores and 461 franchisees. Bargain Booze specialises in discounted beer, wine and spirits, but also sells snacks, groceries, soft drinks and confectionary in its franchises.

People
Diana Hunter heads up the management team of Conviviality. John Hayhurst, a partner at ECI, manages the firm's investment in Bargain Booze and also sits on the company's board of directors.

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