Event agency Smyle has agreed an investment deal by Smyle Creative Group Ltd, a new holding company backed by private equity firm Rockpool.
Chad Lion-Cachet, formerly of the Events International Group, has been appointed executive chairman of the group.
Founded by Matt Margetson and Rick Stainton in 2003, Smyle has offices in Hertford, London and a satellite office in San Francisco.
The agency delivers live and digital experiences to business and consumer audiences around the world, employing 70 full time staff with global brands as clients from sectors including the tech, media, IT, finance and pharmaceutical.
Key projects have included producing the Opening and Closing ceremonies of the Ryder Cup, numerous international projects for Samsung and Salesforce, Red Bulls’ Culture Clash at The O2 and experiential projects at events such as the World Economic Forum in Davos, Mobile World Congress, and the UEFA Champions League Final.
Smyle is forecasting a 69 per cent increase in turnover from £16.5m in the previous year to over £28m for its financial year ending 31 March 2018, with operating profit projected to rise to over £2.5m.
Chad Lion-Cachet will become executive chairman and has worked with the Smyle management previously whilst he owned Sportsworld and introduced Rockpool as the funding partner.
The Smyle management will continue to run the business and retain over 40 per cent of the new group holding company. Rockpool will become the majority owner and Lion-Cachet has also made a significant investment in the new group.
Rick Stainton, CEO of Smyle, commented: “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. We are all committed to achieving our mission to become the No.1 creative agency in the UK.
“Chad and Rockpool recognise Smyle’s track record and unique positioning as one of the fastest growing agencies with a strong reputation for creativity and excellence in delivery, and the board are looking forward to working with them and realising Smyle’s full potential.”
“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. Therefore the key now is to continue with business as usual, with our teams all focussed on our client relationships, creating the best solutions for live and moving image projects as well as their delivery at the consistently highest level in our industry.”