Independent creative agency, Fold7, has sold a majority stake to The Miroma Group. The deal also includes brand experience agency Hyperactive, which was launched by Fold7 in 2016. This comes after the agency acquired communications business Way To Blue last year, cementing Miroma’s status as a fast-growing marketing services group.
Fold7's CEO, Marc Nohr, will now become its chairman and step up to be group CEO, Agencies, Miroma. He will also retain a position in the agency's leadership team.
Marc Boyan, Miroma’s founder and CEO, said, “This deal is an important part of Miroma’s ambitious growth plan. It adds new capabilities to both companies, increasing Fold7’s geographical reach and access to diverse skills, whilst adding creative clout and entrepreneurial talent to Miroma. Long-term brand building, big ideas and the ability to create real world experiences have never been more essential to client growth.”
Miroma offers ideation, creation and distribution services to a diverse range of clients including LVMH, McDonald’s, eBay and L’Oréal. It provides services that include media, PR, data driven content creation, influencer marketing and TV production, all boasting double-digit growth in the last year. With Fold7 and Hyperactive as part of the family, the London-based group will now have revenues in excess of $200m, offices in 11 countries and over 350 employees worldwide.
"We are a new marketing collective. We create ideas, solutions and platforms that drive high growth for clients,” said Boyan.
Fold 7 founder and chief creative officer, Ryan Newey said, “This is the start of an exciting new chapter for Fold7. Starting out 25 years ago, creating brands like Ted Baker and Muji, then pivoting from brand creation to become a modern advertising agency with clients like Carlsberg, I’ve always believed in staying fresh and relevant. As well as their international reach, Miroma has real depth in a range of complementary skills. This deal creates new opportunities for Fold7, its people and for clients to prosper in an ever changing market.”
Fold7's leadership team will retain an equity stake in the deal, allowing remaining part owners of the company to continue overseeing its day-to-day running and development.
Fold7's managing partner James Joice is being promoted to managing director, while the rest of the six-person leadership team, including Ryan Newey and chief strategy officer Yelena Gaufman will continue in their existing roles. Founder and CEO, Andrew Casher will also remain in his post.
Nohr, who has run agencies of every discipline and now chairs the IPA’s Commercial Leadership Group, led his previous agency, Kitcatt Nohr, to six Agency of the Year titles and served on the board of two of the fastest growing independent digital agencies. In his new role, he will be responsible for developing the group's proposition and supporting leaders across all the businesses to reach their potential.
“This is a collective of entrepreneurs, not the hierarchy of old. Modern leadership is about liberating and supporting talent. Together, we’re going to achieve things we can’t do on our own to drive client growth,” he said.