Epoch Completes Successful MBO From Writtle
Writtle is pleased to announce that the directors of Epoch have completed an MBO of the company from Writtle. The transaction is a further development of Writtle’s operating model of Equity Involvement and Decentralised Growth and sees Writtle retain a minority shareholding in the company, with the Epoch directors increasing their current shareholdings to a majority. Loan funding for the transaction has been provided by Barclays through senior debt, and part of the consideration was satisfied by issuing loan notes to Writtle. Writtle intends to use the cash proceeds for further shareholder returns by way of share buybacks.
Commentating on the transaction, Writtle Chairman Robert Essex said: “Epoch has been an outstanding performer for Writtle since its acquisition as part of Loewy Group in 2011. Having originally sold minority shareholdings in the Loewy agencies to their management, Writtle has seen the benefits of enabling management to part-own and plot the development of their businesses. This MBO is a further evolution of that strategy, and we have every confidence that our continued investment will reap further rewards in future. We wish Theron, Nikesh, Benny, Vix and Alex every success as they enter a new chapter in Epoch’s brilliant journey”.
Theron Bigland, Epoch’s CEO added “We are delighted to have achieved our full independence as an agency while retaining the backing of Writtle as a supportive investor. We look forward to building on our creative and strategic offer to clients as we continue to expand our business. I would like to thank Robert, Graeme and the rest of the Writtle Board for this opportunity and we can’t wait to get cracking”
Notes to Editors:
Writtle is an International Marketing Services Group with revenues of £100m and operations in the UK, US, India and China. Further information can be found on www.writtle.com
Epoch is a global brand agency specializing in brand strategy, brand identity and brand communications. Further information can be found on www.weareepoch.com