Bower seals Coolpink management buyout
Mark Bower, founder and managing director of Coolpink, has completed a management buyout of the Leeds-based digital agency.
Bower takes control of the agency after buying out co-directors Simon Crossland and Andrew Jones, who leave to pursue other interests.
The deal was funded with equity from Whitston Group, the investment vehicle for entrepreneur Justin Whitston.
Bower said he and the departing directors reached the agreement after taking a "look at the investment structure and future of the company" and reviewing their own "personal goals".
“As a result, the MBO was agreed and we now have a new investor on board who puts the company in a much stronger position financially and shares our ambitious goals for driving the future growth of the business," Bower said.
"Naturally, I’d like to thank Simon and Andrew for their invaluable contribution to the success of Coolpink since its inception in 2001 and I am extremely pleased that we remain on very good terms personally.”