Marketing and communications group Engine has secured £62.5 million funding from private equity firm HIG Capital.
Marketing and communications group Engine has secured £62.5 million funding from private equity firm HIG Capital.
The investment will consist of an initial £32.5 million to fund future growth and includes access to a £30 million facility over the next one to two years.
Peter Scott, chairman and joint chief executive of Engine, says: ‘With the IPO market effectively closed, a strong financial partner offers the best route to provide the necessary capital for the next stage in Engine’s expansion.’
London-based Engine is a privately owned communications group, with services including advertising and public relations. Current Engine clients include Coca Cola and News International. Established in 2005, the company currently has 600 employees.
The HIG funding was sought to allow Engine to expand into new markets, including potential acquisitions in the USA, China and Brazil.
Scott adds: ‘Our clients are global businesses and we now want to take the model that we have built in the UK to other markets. Earlier this year we established Engine USA, which was the first step in exploring international expansion.’
