Engine Secures £62.5m Investment for Acquisitions
London-headquartered marcoms agency Engine has secured an investment worth up to £62.5m, which it will use to fund acquisitions in the US, Brazil and China.
Engine’s range of agencies provide services such as brand advertising, social media, lobbying, brand consulting, search engine marketing and media planning.
Earlier this year, the group launched an insight and research unit called ‘Engine Decisions’. The business uses a proprietary methodology combining social and behavioural psychology, computer simulation of social interaction, and neuroscientific observations, to provide clients with an analysis of why and how consumers make choices.
The firm’s funding has been led by US-based private equity company HIG Capital, which will become a minority shareholder in Engine. It will initially invest £32.5m to fund future growth and create liquidity, and then Engine will have the option to draw on an additional £30m over the next 12 to 24 months.
‘We are hungry for capital, we have some really interesting development plans internally, so we can’t wait for two years to raise new funds’ explains Peter Scott, Joint CEO and Chairman of Engine. ‘HIG joining us means we can hit the accelerator on our plans to take this group international.’
The group generated revenues of £59m last year.
Web site: www.theenginegroup.com .