Lion Capital acquires Loungers in deal worth £137m

Piper Private Equity exits the business after four years at the helm. On initial investment in April 2012, the business comprised 20 Lounges and three Cosy Club sites in the UK. Over the past four years, the company has increased to 95 sites, opening 20 a year since 2014 and creating 2,000 jobs, the company said. The business plans to open its 100th site by April 2017 and has a further 20 in the pipeline for the following year.

The team behind the business will continue their involvement for the next growth stage, with Alex Reilley remaining as chair of the group. Nick Collins, who joined as finance director in 2012 and became CEO in 2015, will continue to lead the business together with Justin Carter, who joined as COO in 2015. Jake Bishop will remain as managing director of Cosy Club.

Company
Loungers – which operates under the Lounges and Cosy Clubs brands – was founded in Bristol in 2002 by friends Alex Reilley, Jake Bishop and Dave Reid with the idea of providing customers with an alternative space to the surrounding local pubs and coffee bars.

Advisers
Vendor, company – GCA Altium (corporate finance).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• Exits
• Lion Capital
• Secondary buyout