Management buyout at North's largest digital agency
The management team at Ingenuity Digital Holdings Limited, the North’s biggest independent digital agency, have led a buyout.
The deal values the Harrogate-based business at £30 million but its terms were undisclosed.
A team led by IDHL chief executive Dennis Engel increased its shareholding at the agency, which employs 120 people, backed by funding from HSBC North Yorkshire and Humber and Frontier Development Capital.
“This investment will help continue our ambitious growth drive and support our clients with innovative new products and services,” said Engel.
“It has been a transformative 12 months for IDHL with management appointments, new headquarters and a strengthening of our expert team.
“The MBO will help us keep up this momentum into the future.
“I’m delighted for the exiting investors and the employees who’ve benefited from their share options and I’m also pleased about the increased control and shareholding within the business.”
IDHL enjoyed a record year in 2016 as revenues exceeded £10.5m and the firm moved into larger premises.
Founded in 2000, it includes the Ingenuity Digital, WMG and NetConstruct brands.