A consortium involving the A-lister has agreed to take Soho House & Co. private in a billion-dollar deal.
Ashton Kutcher must really love Soho House.
A group of investors including the A-lister has agreed to take the company that operates swanky members’ clubs private again in a deal worth approximately $2.7 billion (£2 billion).
The consortium, led by hospitality heavyweight MCR Hotels, will buy Soho House & Co.’s (SHCO) outstanding shares for $9 each in cash. Soho House’s Executive Chairman Ron Burkle, founder Nick Jones, and other big shareholders will roll over their stakes and retain control of the business, according to a statement shared by the company on Monday. (Burkle holds 40 percent of the company, while Jones holds 5 percent.) Further new equity capital will be provided by a group led by actor-turned-investor Kutcher, who is rumored to be a longstanding member.
The transaction is expected to close by the end of 2025, according to Soho House. The company will then stop trading on the New York Stock Exchange, ending a tumultuous four-year stint on Wall Street.
Founded by restaurateur Nick Jones, Soho House started out as a single club in central London, but has since opened 46 houses worldwide, as well as coworking spaces, beach clubs, and farmhouses. Some argue that this rapid expansion is causing Soho House to loose the exclusivity and “coolness" it once had.
Since it listed on the New York Stock Exchange in 2021, SHCO has dealt with fluctuating share prices. GlassHouse Research previously published a report raising concerns about SHCO’s “broken business model" and “terrible accounting," but the company rejected the report, stating that it contained “factual inaccuracies, analytical errors, and false and misleading statements."
SHCO CEO Andrew Carnie says the company has “delivered consistent, disciplined growth" from 2022 to 2024, with revenue doubling in the past three years. “Returning to private ownership enables us to build on this momentum, with the support of world class hospitality and investment partners," Carnie said in a statement.
Under the terms of the agreements, Kutcher will join Soho House’s board of directors. MCR CEO Tyler Morse will be vice-chair of the board. “Our shared goal is to safeguard the member experience, drive sustainable international growth for House members, and protect and expand the cultural and creative foundation that has made Soho House a global industry leader," Morse said.
Soho House is planning to open a Barcelona Pool House and a new club in Manchester later this year. It also has houses in Tokyo, Milan, Madrid, Los Cabos, and Sydney on the horizon. It seems Kutcher picked a good time to back the House, then.
From the article by Rachel Cormack
