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: Private Equity Wire