Karmarama, a London-based advertising firm, has sold a 50 percent stake to private equity firm Phoenix Equity Partners in order to raise money for acquisitions and international expansion, the Guardian reports. Founded in 2000, Karmarama's client list includes Nintendo, the BBC, and Unilever brands.
Charles Watson, the former group chief executive and current global chairman of New York PR firm Financial Dynamics, will become chairman of the new Karmarama group of companies, while former Ingenious Media executive Adam Silver will join as corporate development director. In his new role, Watson will head acquisitions and drive international growth, focusing on building the firm as a multi-discipline player in advertising and marketing. The company is already eyeing multiple potential acquisition targets.
The cost of the deal wasn’t made public, but Phoenix Equity Partners (which has also held major stakes in Jimmy Choo and L.K. Bennett) has access to a nearly $738 million fund raised last year, and will reportedly provide Karmarama with “tens of millions of pounds” to grow the firm over the next “two to three years.”