Event agency Smyle has agreed an investment deal with Smyle Creative Group Ltd, a new holding company backed by private equity firm Rockpool Investments.
The Smyle management will continue to run the business and retain more than 40% of the new group holding company. Rockpool will become the majority owner.
Chad Lion-Cachet, formerly of the Events International Group, has been appointed executive chairman of the group and has also made a significant investment. He has worked with Smyle previously and introduced them to Rockpool as a funding partner.
Rick Stainton, CEO of Smyle, said: "This is an exciting development in the Smyle journey and with Chad and Rockpool’s support, the board are excited to take Smyle to the next level.
"This is the right timing and perfect opportunity for the agency, as we all share the same vision and both Chad and Rockpool understand Smyle’s strengths across the business and want to build on them."
C&IT reported in March that Smyle was forecasting a 69% increase in turnover from £16.5m in the previous year to over £28m for its financial year ending 31st March 2018, with operating profit projected to rise to over £2.5m.
Founded by Stainton and Matt Margetson in 2003, Smyle employs 70 full time staff. Recent projects have included producing the opening and closing ceremonies of the Ryder Cup, international projects for Samsung and Salesforce, as well as Red Bulls’ Culture Clash at The O2.
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