Digital Marketing Group (DMG) has acquired 20:20 London for a consideration of up to £2 million.
Digital Marketing Group (DMG) has acquired 20:20 London for a consideration of up to £2 million.
The consideration consists of an initial payment of up to £1.5 million in cash from existing resources, £250,000 DMG shares upon completion and a further earn-out of £250,000. The cash consideration is also subject to the completion of specific undertakings by 20:20 London during the first three years following the acquisition.
20:20 London was established in 2003 by creative director Peter Riley. The firm has clients that include BP, EA Sports, Red Bull, Lotus and Procter & Gamble. For its most recent year-end, 20:20 London reported revenue of approximately £270,000.
As part of the acquisition, Peter Riley will become chief creative officer of a newly established division within DMG called 20:20. This division will focus on digital marketing and will consist of 20:20 London and DMG’s existing digital agencies. The existing management of these agencies will remain in place and continue to report into the DMG board, although the agencies will be rebranded in early 2010.
