Investee Company – Open + Direct (UK)
Investee Company Business – Consumer finance business
Type of Financing – MBO
Equity Providers – Alchemy Partners
Equity Leader (Individual) – Dominic Slade
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual)- N/A
Equity Amount – £120 million
Total Deal Value – £120 million
Other Advisors – Richard Oldworth
Comments – Belfast-based Open + Direct, a financial services business, has been acquired by its management team from Viridian Group plc.
The deal was backed by Alchemy Partners, through the Alchemy Investment Plan, which invested £120 million, plus an additional £55 million for future expansion. Open + Direct plans to use the capital to strengthen and expand the business.
Based in London, Alchemy Partners is a partnership of individuals which started out in January 1997. The company advises discretionary funds provided mostly by major investing institutions including Chase Capital Partners and major US institutions as well as major pension funds such as British Aerospace.
Founded in 1999, Open + Direct is the technology-driven financial services business of Viridian Group PLC, one of the top 250 listed companies in the UK. The company provides financial services to both business and personal customers, through its personal finance, business finance, retail services and fleet solutions divisions. The company also operates a property development business.
Dominic Slade, a partner at Alchemy, said: “The Open + Direct buyout provides Alchemy with a great opportunity to back a team and their plans to continue to expand a strong consumer finance business. Not only is Alchemy helping finance the buyout but it is also committing capital to fund further growth.”