The Engine Group to Reveal Investment from Hedge Fund
An independent and integrated marketing communications agency The Engine Group, will announce that it has received major investment by US hedge fund Lake Capital.
The
London-based company’s 13 agencies provide services including
advertising, lobbying and marketing to major brands including Tesco,
Coca Cola and Lloyds Banking Group.
MHP also advised Fat Face on its planned flotation, which was pulled in May.
Lake
Capital’s investment comes after its current owner, the private equity
group HIG, reportedly started talking to interested parties in April
about selling down its stake in Engine.
A
heads of terms is understood to have been signed by Lake Capital,
however people with knowledge of the discussions cautioned that the
final terms of the deal had yet to be signed. HIG first invested in
Engine in 2010 in a deal that was seen at the time as a rare move by a
private equity firm into the advertising agency world.
Source: CITY A.M.
