The Corporate and M&A team from independent UK law firm Burges Salmon is pleased to announce that it has advised the founders and senior management team of Loungers plc on the recommended acquisition by CF Exedra Bidco. The acquisition, valued at approximately £354 million, marks a significant milestone for Loungers and for the next phase of growth for its Lounge, Cosy Club and Brightside brands.
The Burges Salmon team, led by partners Mark Shepherd and AJ Venter, and associate Dan Wood, from our Corporate and M&A team, with support from partner Ian Carnochan and director Silvana Van der Velde from our Corporate Tax team, advised the senior management team in their capacity as shareholders. The recommended acquisition marks the third private equity backed transaction where Burges Salmon has acted for the founders and senior management team, following previous investments by Piper in 2012 and Lion Capital in 2016.
Mark Shepherd comments: "We are absolutely delighted to have had the opportunity to support Alex, Jake, Justin and Nick once again. This transaction and Loungers’ consistently remarkable growth in a challenging hospitality sector are testament to the exceptional vision and leadership of the team, and to the unique experience driven ethos that runs throughout the business to make it such an outstanding success story. We’re looking forward eagerly to seeing the next chapter in that story with Fortress' backing and even more people enjoying that Loungers experience."
Nick Collins, CEO of Loungers, adds: “The Burges Salmon team led by Mark Shepherd played an important role advising Loungers senior management and founders in the Fortress led acquisition of Loungers plc. Burges Salmon have advised Loungers since 2012. They are a pleasure to work with and their knowledge of the business and depth of relationship with the leadership team once again proved critical.”
Burges Salmon has a strong Corporate practice in the UK advising clients across a broad range of sectors, including in the hospitality sector. The firm acts for multi-national organisations and institutions, entrepreneurial businesses and high net worth individuals and their families.