Alchemy has agreed to sell pan-European telecommunications business, Lebara Group, which has over 4m subscribers across the UK, Netherlands, Germany, France and Denmark, to Waterland Private Equity.
The sale, which is pending regulatory approval, is expected to deliver a strong return on investment for Alchemy’s investors.
Alchemy first invested in Lebara in 2018 when, following a period of underperformance under prior ownership, it acquired the business. As the control shareholder, Alchemy has since overseen the recruitment of a new chairman, Carl Leave, as well as a new CEO, Stephen Shurrock.
The business has migrated from being a predominantly pre-paid offering to attracting more SIM-only and post-paid customers, resulting in the subscriber base increasing from 2.4m in 2019 to 4.4m today and the business’ profitability more than doubling over Alchemy’s ownership period, according to a press statement.
Source: Â Private Equity Wire
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