Alexander Square Partners capitalises on the sale of 23.5 Degrees
5 December 2024
Alexander Square Partners’ chairman, David Symondson, first invested in the Starbucks’ UK franchisee in 2015, and invested further capital in 2016 to support and accelerate the rollout of Starbucks Drive Thru sites across the UK. The original deal and follow-on investment were led by Connection Capital, the UK private markets and alternative investment firm.
The Drive-Thru format really came into its own during the pandemic in 2020 but has continued to deliver excellent results for the franchisee since then. From a standing start, 23.5 Degrees has now opened over 70 Drive Thru sites and has a significant pipeline of future openings. Starbucks saw the strategic value in bringing the business under its control and completed the acquisition of 23.5 Degrees in October 2024, delivering an excellent return for Connection Capital’s private client investors.
This capital is now available for investment by Alexander Square Partners.
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