Marketing communications group Creston has announced its acquisition of digital consultancy How Splendid.
This sees Creston take a 51 per cent in the business composed of £8.7m in cash upfront and a further £7m performance element. Creston also retains options to purchase additional 24 and 25 per cent stakes in future
The deal will enhance Creston’s offer in the fields of digital design and development through its team of in-house user experience specialists, designers and developers. It will also significantly expand the group’s client pool, bringing the likes of Barclaycard, Boots, eBay, Gamesys, News UK and SSE into the fold.
Founded in London in 2003 Splendid offers digital strategy services to clients for consumer and brand interaction, as well as designing, building and maintaining websites.
Barrie Brien, group chief executive of Creston plc, commented: “part of Creston Unlimited, Splendid’s consultancy expertise, which focuses on the way brands do business in the digital world, will complement the Group’s marketing communications strength and further evolve our compelling integrated digital services offer.”
Splendid’s three founding partners; Paul Bishop, Alex Eicke and Dan Morris, will remain as managing partners within the expanded business.
Corporate finance firm Clarity advised Splendid on concluding the deal.