Digital agency completes management buyout
A Manchester-based digital agency has completed a management buyout from its parent company.
CTI Digital has parted company with the Paperhat Group.
The deal was completed after four months of hard work, supported by Cowgills corporate finance team and law firm Brabners.
As part of the deal internal management have self-funded and bought back the 54% share that previous investors, Paperhat, purchased in 2015.
The 75-strong agency will continue to serve their wide range of clients, but will now operate as an entirely independent company.
Nick Rhind, chief executive at CTI Digital, said: “In our fifteenth year of trading, we are confident in making decisions defined by our experience and expertise.
“We pride ourselves on original thinking and flexible working practices; these are values that we can best adhere to as an independent agency.
“With ambitious plans for growth, we are excited to be in total control of the future of the agency.”
Joining Paperhat Group in 2015, CTI Digital embraced the opportunity to operate on a larger scale, as a member of the global marketing services provider.
Reaching beyond their modest Manchester roots, CTI expanded its staff, gained notable new clients and achieved respected accreditations.
CTI is now looking to further diversify its service offering and strengthen the brand as an independent agency.
David Beswick, managing director at CTI Digital, said: “CTI is built on continual investment in talented individuals, advancing technology and our clients’ visions; we achieve this by investing in ourselves.
“In order to maximise efficiency, to perform with agility, and to be in a position to accept exciting challenges, we are proud to be an independent business once again.”
The MBO was officially completed this week.
The management team at CTI Digital has assured their staff, clients and partners that it will be ‘business as usual’.
CTI Digital are one of the UK’s leading full service digital agencies with offices in Manchester and London.
Clients includes the British Council, Greater London Authority, McGraw Hill Education and Merlin Entertainments.
CTI was advised by Sam Davies and Ben Barlow of Cowgills who provided corporate finance advice and Sam Mabon, Ruth Hargreves and Robert Turner of Brabners who provided legal advice.
