US-based agency network Dentsu has acquired 100% of the share capital of UK digital marketing agency Steak Group for an undisclosed sum.
The deal will see Steak operate under the supervision of Dentsu Network West, reporting to its London office.
Steak is a digital media company, with offices in London, New York and Melbourne. Its client roster includes Virgin Holidays, AXA, Swiftcover, Debenhams and Comparethemarket.com.
Steak currently has 94 employees globally and is led by Oliver Bishop, Co-founder and CEO, and Duncan Parry, Co-founder and Head of Paid Search. Seb Bishop is non-executive Chairman.
Steak was Interactive Media Awards Agency of the Year after only three years trading in 2008, and has since maintained top fifteen status in Marketing and New Media Age league tables for digital search agencies in the UK.
Jim Kelly, CEO of Dentsu Europe said, “I have followed Steak’s progress since it started in 2005, and admire enormously what Ollie and his partners have achieved. Digital media is a cornerstone of Dentsu Network West’s growth strategy. This acquisition is a great step in offering class leading digital solutions to our clients in Europe”.
Ollie Bishop said, “I’m excited about being part of Dentsu. They take digital seriously and want to be a leader in online marketing– and that’s exactly our ethos at Steak. It’s a perfect fit – we’ll continue to grow as Steak and as a major part of Dentsu Europe. Everyone past and present at Steak Group’s companies in London, New York and Melbourne should be proud of what we’ve achieved in a short space of time – and look forward to an exciting future”.
The partnership enables Steak to both work with Dentsu’s European offices, and to offer to its clients Dentsu’s media expertise throughout Asia. Steak is currently exploring
opportunities for its clients in South East Asia.
The acquisition also doubles Dentsu’s size in the UK (alongside Dentsu London and Dentsu Sports), and follows on Dentsu’s acquisition in January of the Düsseldorf based digital creative agency, Social Thinkers, further substantiating Dentsu’s commitment to digital growth and success in Europe. Jim Kelly will join the Steak board of directors along with Tim Andree, CEO of Dentsu Network West, and Executive Officer, Dentsu Inc. Seb Bishop will remain as non-executive Chairman.
Steak’s operations will continue to be run from its headquarters in Shorts Gardens, Covent Garden, London.
As part of the transaction, Beringea the private equity investor, which invested in Steak in 2007 will fully exit the business and Trevor Hope, Beringea’s Chief Investment officer will step down from Steak’s Board.
Dentsu was advised by Clarity Capital Partners and Steak by Green Square Partners.
www.steakdigital.co.uk
