The CEO of a Manchester-based digital marketing agency revealed that they are trying to achieve three potential goals
In 2021 mmadigital secured funding from Rockpool Investments and is actively seeking to accelerate its growth through the acquisition.
CEO Dez Derry said so TechBlast ‘s latest roundtable of Going 4 Growth: “In terms of staff we have between 75-80. Our turnover is at a rate of £ 20 million. The ambition a few years ago was to reach £ 30 million by 2025. This was accelerated thanks to the Rockpool investment, which was one of the reasons I wanted to take the private equity path.
“They’ve provided us with financing for mergers and acquisitions, so we have a number of conversations in the pipeline. If one of them falls, it’s a £ 10 million turnover. I hope that if we can get through it by the end of 2023, I will have achieved my personal dream and the goal of reaching £ 30 million. “
The company’s technology and industry-leading multichannel marketing teams connect active customers with companies looking to grow, providing qualified marketing and leads.
Derry said having Rockpool on board was instrumental in trying to make their first acquisition.
“During the deal process at the end of last year, Rockpool was already working with me before we had completed the market mapping,” said Derry.
“I’ve never personally made an acquisition before, so we have three potential ones at different stages. One comes very close to trading. That’s a turnover of less than 5 million pounds. It has 10 employees and we think the platform would really increase that company’s earnings and credibility.
“We’re trying to go small first, do it right, integrate it, make sure we don’t make it a dog dinner before tackling a big one. What we are looking at is £ 10 million and a similar size to ours.
“They have offices that aren’t in Manchester, so they’re out of the area. The only advice I would give to anyone, which is something I have learned over the past six months, is to build that top team like a CFO, COO, CTO, chief of staff etc.
“We didn’t have any of that, but Rockpool allowed me to invest in recruiting that talent.
“When we closed our PE contract, our management team was pretty light and I really took the brunt of it. It really takes a toll if you’re looking to run the business, raise money, and close a deal.
“Now I have this team of people and I have ongoing Rockpool supportS. in these negotiations for the purchase of businesses. You have the experience around you and this is really very important.
PE-backed marketing agency goes on the acquisition track
Source link PE-backed marketing agency goes on the acquisition track