Although terms were undisclosed, it is understood that BDC has made a 3x money multiple from the sale.
Birmingham-based ITG supplies technology-led outsourced marketing services to the likes of Heineken, Audi and Puma. The company’s software platform helps brands to deliver multi-channel marketing more efficiently. ITG currently provides full digital services, eCRM, content creation, print management, strategic planning and creative. It has plans to further broaden its offering.
The company was founded by Simon Ward in 2009. It was backed by Livingbridge in 2010 with BDC buying the business in 2014.
During BDC’s hold the company acquired Vitamin, a small boutique planning and creative consultancy, and Creator, a provider of electronic customer relationship management. ITG generated revenues of around £90m for the year to the end of August 2017.
“We set out to be a disruptor in the sector and continue to achieve this. The speed with which the company has established itself as a leading marketing services provider is a reflection of the amazing team we have at ITG and the continued support we have received from our investors at each stage of our growth trajectory,” Ward said in a statement.
Equistone was advised by Clearwater International, Eversheds Sutherland, PwC, EY, AMR International, Confido and Marsh. BDC was advised on the sale by Catalyst Corporate Finance, EY, CIL Management Consultants and Ropes and Gray.
ITG’s management was advised by Catalyst Corporate Finance, Parisi Tax Thinking Legal. Debt financing was provided by Lloyds Bank and HSBC. Lloyds and HSBC were advised by DLA Piper.