Roffe Swayne’s Corporate Finance team is delighted to have assisted private equity firm Rockpool on their recent investment in Smyle, the winner of UK Event Agency of the Year a record four times in the last decade.
(picture shows Opening Ceremony ahead of the 40th Ryder Cup at Gleneagles in Auchterarder, Scotland, by Smyle).
Corporate Finance transaction services update
Anu Tayal, Corporate Finance Director at Roffe Swayne said: “we were delighted to work with Rockpool on this exciting transaction, with Smyle operating at the cutting edge of an innovative sector. We wish Rockpool every success at realising the full potential from the investment.”
Founded by Rick Stainton and Matt Margetson in 2003, Smyle is a leading creative agency delivering live and digital experiences to business and consumer audiences around the world. They employ 70 full time staff with global brands as clients from sectors including tech, media, IT, finance and pharmaceutical.
Smyle has delivered numerous international events for clients such as Samsung, Facebook, Salesforce, EY, BT and ARM. Its recent work has included client projects delivered at the World Economic Forum in Davos. As well as Mobile World Congress, the UEFA Champions League Final and producing the Opening and Closing ceremonies of the Ryder Cup. Smyle grew turnover 23% in the year to 31st March 2017. They are projecting a further 69% increase in turnover to over £28m for its financial year ended 31st March 2018, with operating profit of over £2.5m. The investment sees Rockpool become the majority owner of the new group. The current Smyle management team continues to run the business while retaining a significant minority stake. Chad Lion-Cachet, formerly of the Events International Group, has been appointed as Executive Chairman to strengthen the board with his deep knowledge of the global events industry.
Roffe Swayne performed the financial due diligence for Rockpool, led by Anu Tayal, and assisted by Linda Warner, Justin Bond, Donna Kenyon and James Wood. Anthony Francis (Investment Director), Richard Morrison (Investment Manager) and Martin van Diggelen (Investment Executive) worked on the transaction for Rockpool. Rockpool were advised by Charles Russell Speechlys LLP, led by corporate partner Malcolm MacDougall. Legal advice to Smyle management and the selling shareholders was provided by Lupton Fawcett LLP, led by corporate partner Neil Large, and legal advice to Chad was provided by Pitmans LLP. Menzies LLP’s London office provided advisory, tax and accounting support to Smyle Group and the Management Team on the transaction. Andrew Thomson and Adrian Howells at HMT LLP provided corporate finance advice to the investors.