Lion Capital acquires Piper’s Loungers in £137m deal

Lion Capital has acquired Loungers, the café-bar chain backed by Piper, in a deal valued at £137m.

Loungers operates “third space” sites, seen as an alternative to pubs and coffee shops. Through the Loungers and Cosy Clubs brands it has 94 sites and employs almost 2,000 people.

Loungers was founded in 2002. Piper invested £16m for a minority stake in 2012, at which point it had 23 locations.