Huntsworth plc, a healthcare communications and public relations group, has acquired The Creative Engagement Group (TCEG) from funds managed by LDC (Managers) Limited and certain members of TCEG’s management for £24.7 million.
TCEG is a collection of three creative agencies – WRG, The Moment and Just Communicate – that provide experiential marketing primarily through events and digital marketing, including virtual and augmented reality, predominantly to healthcare clients. TCEG is based in the UK but services clients across the world, with approximately one third of revenue generated in the US.
The TCEG management team is led by CEO Russ Lidstone and COO David Sharrock, and both will remain with the business.
TCEG generated revenues of c. £26 million and EBITDA of c. £3.8 million in the year to 31 October 2016. TCEG’s gross assets were £26.6m as at 31 October 2016.
Commenting on the acquisition, Paul Taaffe, Group CEO, said:
“TCEG is a great company with a wealth of talent and blue chip clients which will benefit from Huntsworth’s reach and connections especially in healthcare. With more and more clients seeking to engage both employees and customers with powerful experiences, TCEG is well positioned for future growth.”