Engine Group to complete acquisition by Lake Capital
The proposed acquisition of Engine Group by Lake Capital has been approved by 97 per cent of its shareholders and is expected to be completed shortly, the agency announced today (29 August).
The partnership between Engine and Lake’s current investments, ORC International, the global market research and business intelligence firm, and in due course entertainment and content marketing agency Trailer Park, is set to be launched soon.
Peter Scott, group CEO of The Engine Group, said: “This is the beginning of the next stage of the Engine growth story, the first ten years having been spent building an intrinsically different model which we believe we can expand both organically and through acquisition particularly in the US and Asia."
The 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.
In July, Engine Group UK CEO Debbie Klein stressed that the agency group will retain its independence