Engine Group is to announce the sale of 100 per cent of its shares to Lake Capital for the sum of £100m later this evening, a move that will see present private equity owner HIG bought out.
The investment by HIG first came in 2010 when the two companies agreed a £62.5m deal over two years to aid Engine’s expansion into new markets, namely the US and China.
The deal gave HIG a 40 per cent stake with Engine CEO Peter Scott saying at the time that the group would grow revenues to $1bn within five years.
Its 2013 financial results indicated that revenue was up 10 per cent to £100.1m while EBITDA was up 14 per cent to £13m. It also raised £3.4m to fund small acquisitions.
The group has 850 employees working across 13 businesses including PR firm MHP, WCRS and social media agency Jam.
From its seven global offices it services clients including Pernod Ricard, Coca-Cola, Sky and Unilever.