PE Tech Report


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Olswang advises on the investment in Karmarama by Phoenix Equity Partners

Olswang has acted for the management team backed by Phoenix Equity Partners (Phoenix) on its investment in Karmarama, one of the UK’s fastest growing independent advertising agencies. This is the third investment by Phoenix’s GBP450 million 2010 Fund, which was raised in May 2010.

The investment made in Karmarama encompasses its associate companies, Kream and Kaper. Upon completion, Karmarama partners will jointly own the business together with the Phoenix-backed management team, advised by Olswang. Key figures joining the team include Adam Silver, who has been appointed as Corporate Development Director and Charles Watson, former  CEO of Financial Dynamics, one of the world’s leading financial and corporate public relations consultancies, who assumes the role of Chairman.  

The investment by Phoenix marks a strategic drive to create a new international integrated marketing communications group. Through embarking upon a continued acquisition and investment programme, the intention is to position Karmarama as a leading force within the marketing and communications sector.

This latest deal is Olswang’s second this year involving Phoenix as in February Olswang acted for the management team on the management buyout of the engineering consulting business of ERA Technology from Cobham plc  in which Phoenix invested GBP18 million.

The Olswang team was led by corporate partner and Head of Olswang’s Private Equity Group Stephen Rosen and also comprised Tax Partner Natasha Kaye, Adam Crossley and Emma Channon.

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