Mishcon de Reya' Private Equity team has advised Nick Jones, Founder of private members club chain Soho House and Co. on the US$2.7 billion takeover offer made by a consortium including Hollywood actor turned investor Ashton Kutcher.
The consortium is led by MCR Hotels, the third-biggest US hotel group, whose high-profile properties include the TWA Hotel at JFK Airport in New York and the BT Tower in London. Existing Soho House shareholders, including Nick Jones, have agreed to reinvest a majority of the shares held by them. Ashton Kutcher will become a board member, as will the Chairman and CEO of MCR, Tyler Morse.
Soho House & Co is a global membership platform of physical and digital spaces that connects a vibrant, diverse and global group of members, who use Soho House to work, socialize, connect, create and flourish all over the world. The first Soho House opened its doors in 1995 and remains the only company to have scaled a private membership network, creating a global presence of 46 Soho Houses, 8 Soho Works, Scorpios Beach Clubs in Mykonos and Bodrum, Soho Home and digital channels. The Ned in London, New York and Doha, The LINE and Saguaro hotels in North America also form part of Soho House & Co's wider portfolio.
MCR was founded in 2006 and has offices in New York City, London, Dallas, Chicago, and Richmond, Virginia. It has a $5bn portfolio of 150 premium-branded hotels operated under 31 brands. MCR currently boasts more than 25,000 guestrooms in 37 states and 107 cities. Its iconic hotels include the TWA Hotel at JFK Airport, The High Line Hotel in New York City and the Sheraton New York Times Square.
The Mishcon team was led by Private Equity Partner, Andrew Rimmington.
Nick Jones commented: "Thank you for your support, advice and instant availability over the period. You have been invaluable."
Andrew Rimmington, Partner in Mishcon's Private Equity Group, commented: "I have been working with Nick Jones for several years and this latest transaction reflects the strong belief that Nick Jones, Ron Burkle and other existing shareholders, and new investors Ashton Kucher, Tyler Morse and others have in the future of Soho House & Co.”