Alchemy co-founder takes on additional role

Alchemy Partners co-founder Martin Bolland is expanding his role with the firm, taking a board seat on one of the firm's portfolio companies to replace fellow co-founder Jon Moulton, who left the firm in September.

Bolland now occupies two board seats on Alchemy portfolio companies. He is an existing director on the board of the firm's company QHotels.

An Alchemy spokesperson would not name the portfolio company where Bolland will become a director. Another former Alchemy partner, Paul Bridges, also is picking up another seat on the board of an unnamed Alchemy company, stepping in for the departed Moulton. Bridges has been a director on the board of Swift Advances.

The spokesperson refused to characterise the moves as Bolland and Bridges “returning” to the firm, as had been reported in several media outlets this week.

“[Bolland] has always been one of the directors on Q Hotels …he's been on that board and he will remain on the board of that company, and he's going to have a role with another company. That will represent an increased commitment to the Alchemy portfolio companies,” the spokesperson said. “He isn't returning to the firm in an executive capacity.”

Alchemy “wants the right people on the board of portfolio companies”, the spokesman said, talking about Bolland and Bridges. The firm is “very comfortable that [Bridges and Bolland] will be taking on additional roles.”

Bolland founded Alchemy with Moulton and Eric Walters in 1997. He left Alchemy two years ago for unexplained reasons. Bridges joined Alchemy in 1999 as a partner and moved to portfolio company monitoring last year.

Moulton left the firm last month over differences with Alchemy's buyout head, Dominic Slade. In a letter to investors, Moulton said he disagreed with Slade about changing Alchemy's strategy to focus purely on financial services deals.

“I do not support this strategy. It's contrary to the positioning we have created with investors and deal sources and wastes a spectacular opportunity in our area of perceived greatest strength [distressed investments and turnarounds]. It likely adversely affects the partnership economically,” Moulton said in the letter.