Next Wave Partners are delighted to announce that Simply Zesty, Ireland’s leading social media agency, part of the SPA Future Thinking Group (a Next Wave portfolio company) has been sold to UTV PLC for up to $8 million (representing up to c.8x investment) 20 months after our investment and only c. 2 years since its establishment.
Our investment, via our portfolio company SPA Future Thinking, was the first and only external funding round, and Next Wave helped grow the business from a team of 3 up to 22 employees, with a large and growing international blue chip client roster. We introduced Ken Fitzpatrick as CEO, who worked closely with Simply Zesty’s founders to steer their growth and successful exit. During the course of our involvement, revenue grew 186% per annum and profits (EBITDA) grew 1,104%, year on year. SPA Future Thinking will re-invest its proceeds into its core business, which has grown with Next Wave’s guidance to become the UK’s largest private market research group.
Recent press about the deal includes:
http://www.simplyzesty.com/social-media/social-media-agency-is-acquired-disclaimer-its-us/
http://www.irishexaminer.com/business/utv-agrees-8m-new-media-deal-186251.html
http://www.bbc.co.uk/news/uk-northern-ireland-17271607
Next Wave’s team of 7 experienced investment professionals are actively investing in fast growing, market leading service sector businesses.
