MBO at Intermarketing
FULL service creative agency Intermarketing has been acquired in a management buyout led by Jamie Allan and Steve Sowden.
The MBO sees the pair, previously head of media and client services director respectively, become joint managing partners of the Leeds-based business.
Intermarketing, which has undertaken work for Adidas, Ted Baker and the Halifax, was established in 1989 and has grown to boast turnover of more than £10m and employ more than 50 staff.
In a joint statement, Mr Allan and Mr Sowden said: “While this is an exciting change, it is still very much business as usual. As part of the agreement, our existing senior management team of Glenn Patterson, Chris Henry, Michael Harris, Paul Mountford and Andy Watson have all committed their futures to the Group, which will ensure we continue with our award-winning approach, while enabling the team to bring in additional innovative ideas to expand our client offering.
“We are both looking forward to this new challenge and are extremely proud to be leading Intermarketing into the future.”
Intermarketing’s chairman Glenn Patterson said: “After seven years of successfully running the group, myself, Chris Henry and Andy Watson felt it was the right time to pass on the responsibility of managing the company moving forward.
“The management deal guarantees Intermaketing’s independence and that our loyal client base will continue to receive the agency’s high standards of creativity and service. I am looking forward to working with the senior team to take the agency to the next chapter of growth.”
Under the new structure, Mr Henry will become new business director for liaison, Mr Watson financial director, and Mr Harris and Mr Mountford group creative directors.
The deal was supported by Yorkshire Bank.
Advisers included Paul Johnson and Simon Cuerden at Irwin Mitchell, and Jonathan Simms at Clarion.
The MBO team was advised by Tariq Javaid and Richard Feltham from Garbutt & Elliott’s corporate finance team.
Tariq Javaid, Senior Corporate Finance Manager of accountancy firm Garbutt and Elliott added: “We are delighted to have advised on the execution and completion of this deal, which should enable Intermarketing to enhance its considerable reputation within the UK marketing sector.”
Mr Johnson, corporate partner at the Leeds office of law firm Irwin Mitchell, said: “The dynamic nature of the creative sector, along with succession issues, will mean that there will continue to be deal activity in this sector.
“This represents an important milestone for the business and a tremendous opportunity for the new management team to move forward and develop new opportunities.”
