PHOTON GROUP SNARES MAJORITY SHARE IN BWM SYDNEY
The Photon Group has taken a 51% stake in BWM, Australia's largest independent agency group, which also comprises Cox Innall Communications, and PPA AdCafe. The balance of 49% remains owned by managing partners Rob Belgiovane (pictured), Paul Williams, and Jamie Mackay. The three maintain day to day management control of the business.
BWM has grown strongly and steadily over the last few years, reaching $18.5m revenue averaging 20% profit. The deal entails an upfront cash payment of $7.3 million as well around 1.3 million Photon shares, taking the total purchase price to approximately $13.8 million.
Says BWM Group CEO Paul Williams: "we wanted to consolidate our independent status but in a more robust way that will give us the resources and partners we require to continue to deliver a world class service with strong growth. The Photon partnership gives us the backing for our continued development and helps underwrite our growth strategy to be a top 5 Australian agency group over the next 3 years.”
Adds ECD Rob Belgiovane: “Photon was a considered choice..for us versus the multinational option. It allows us to access the capital and business expertise, but by same token ability to maintain independence of management.
Adds partner James Mackay: “It also provides additional security for our staff, management board and clients and helps us continue to attract the most talented people in the business….. so we can continue to provide a contemporary creative culture with quality delivery and unique challenger thinking across all channels.”