Digital agency Mediaworks has secured bank funding to pave the way for a management buy-out of a founding shareholder, as well as support future growth plans.
Gateshead-based Mediaworks was launched 12 years ago by managing director Brett Jacobson and co-founder and chairman Chris Thompson, who set out on a mission to become a trusted digital partner for prominent 海角视频 brands.
Now a structured loan finance deal has been secured with Yorkshire Bank, allowing Mr Jacobson and other members of the executive team to acquire full control of the business.
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Following the undisclosed transaction, Mr Thompson has stepped down from his role as chairman.
Mr Jacobson said: “The timing of this transaction is ideal for all involved and I would like to thank Chris for his contribution to the business since we set the company up together.
“We have incredibly exciting plans for the business and a young, energetic management team who are ready to take Mediaworks to new heights.
“Yorkshire Bank really understood our vision and the package they have provided will support us in our pursuit of opportunities to enter new markets, both through organic growth and via acquisitions, as we seek to become the leading independent digital agency in the North.”
Mediaworks provides digital services to a host of major regional, national, and international clients including Lookers, tommee tippee, Gola, River Island and Esh Group, and is planning to grow its market share further next year with the support of its new banking partner.
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The agency moved into new offices last year at The Watermark to accommodate its increasing workforce. It was recently been recognised in the Journal-backed Fastest 50, with turnover rising by more than 150% during the last 24 months.
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Leading the transaction from Yorkshire Bank was director Daryl Peart and David Burgess, business development director, who said: “Mediaworks is a very exciting business and we are delighted to have completed this transaction.
“They are an award-winning agency with a fantastic track record of delivering proven, innovative services to their clients. In recent years, Mediaworks has exhibited strong growth and we are looking forward to supporting Brett and the team to achieve their future ambitions.”
Womble Bond Dickinson provided legal advice to Mediaworks for both the MBO and the fundraising.
Robert Phillips, a partner in the corporate finance team, said: “We are very pleased to have advised the management team on this transaction.
“Mediaworks is a high-growth, local business with a strong brand profile and national reach, and we look forward to continuing to work together on the next phase of their growth.”