Palatine in £13m The Alchemist MBO

The MBO will see the GP back Living Ventures' management team, supporting it with a £12m equity investment supplemented by £6.5m development and working capital debt facilities from Santander.

Currently operating in Manchester, Leeds, and London, under Palatine and Living Ventures' ownership, the business plans to open new locations as well as develop its existing sites.

Living Ventures co-founders Tim Bacon and Jeremy Roberts will join The Alchemist's board, with Bacon taking the helm as chair and Roberts becoming a non-executive director.

Palatine's managing partner Gary Tipper and investment director Beth Houghton will also join The Alchemist's board as non-executive directors.

The deal is Palatine's second with Living Ventures, having backed the buyout of British restaurant chain Gusto in April 2014.

Company
Bar and restaurant brand The Alchemist was founded in Manchester in 2010 and operates two venues in the city, as well as sites in Leeds and London.

It employs 250 people and generated sales of £11.3m in 2014.

People
Palatine's managing partner Gary Tipper and investment director Beth Houghton led the deal.

Advisors
Equity – BDO, Kieran Lawton, James Gregson, Christ Heatlie, Robert Dawes, Emma Suchland, Lauren Fletcher (Corporate finance, financial due diligence, tax); Shoosmiths, Kieran Toal, Damien Brown, Kelly Harvey, Ruth Evans (Legal).
Management – Pinsent Masons (Legal).

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• Topics
• UK / Ireland
• Buyouts
• Consumer
• BDO LLP
• Palatine Private Equity
• Pinsent Masons