Equistone sells Team ITG to Bridgepoint

Wahida Ahmed
28 March 2022

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Equistone has sold its majority stake in Inspired Thinking Group (Team ITG), a marketing activation business, to Bridgepoint; the sponsor will reinvest in the UK-based company with a minority stake via its dedicated Reinvestment Fund.

A source close to the company told Unquote the company had more than GBP 80m in revenues in 2021. Under Equistone's ownership, the company acquired a majority stake in Netherlands-based creative automation software company Storyteq.

Bridgepoint will support the company to expand internationally, with a focus on US growth, according to a press release. Team ITG will be in organic and acquisitive growth mode, the statement added.

Bridgepoint invested through Bridgepoint Europe VI, which is a EUR5.7bn fund that surpassed its EUR 5bn target in December 2017. The vehicle invests in mid-market European companies with an enterprise value of EUR 200m - EUR 1bn, investing around EUR 125m - EUR 500m, according to Unquote Data.

Bridgepoint declined to comment and Equistone did not reply in time for publication.

Previous funding
In October 2017, Equistone investing through Equistone Partners Europe Fund V, Equistone acquired a majority stake in Team ITG from Bridgepoint Developmental Capital (BDC). The transaction generated a 3x return for BDC. The company was first backed by Livingbridge in 2010, according to Unquote Data.

Company
Team ITG was founded in 2009 and is headquartered Birmingham, UK. The business employs over 1,000 staff across offices in Europe and the US. The company provides marketing services through its cloud-based marketing technology platform, CanopyCloud, which provides a range of services including strategy, performance marketing, TV, film, and photography enabling it to provide bespoke services. Its clients include Heineken, Puma, and GSK.

People
Team ITG – Simon Ward (CEO).
Bridgepoint – Emma Ward (partner).
Equistone - Paul Harper (partner).

Advisers
Vendor - GP Bullhound (M&A advisor); Eversheds Sutherland (legal).

Equity – Alantra (corporate finance); JEGI Clarity (M&A due diligence); Allen & Overy (legal); EY (financial due diligence); Bain & Company (commercial due diligence).