Beringea Announces Another Exit From Its Portfolio
Steak Group, a portfolio company of the Farmington Hills private equity firm Beringea, has been sold to Dentsu, the world's No. 1 consolidated media agency network.
Terms of the acquisition were not disclosed.
Steak, a digital media company, currently has 94 employees and offices in New York, London and Melbourne. The company is led by Oliver Bishop, co-founder and CEO, and Duncan Parry, co-founder and head of Paid Search.
Steak's diverse client roster includes such innovative brands as, AXA, Expedia, Trump Hotels and U-Store-it.
Beringea invested in Steak through its London office in 2007 and 2010, helping the company establish its international operations and its top 15 position in the Marketing and New Media Age magazine rankings for digital search agencies in the United Kingdom.
"Having already backed the management team in another successful investment, Espotting, it was an honor and pleasure to work with Ollie and Duncan again; they did a great job of developing the company to this stage," said Jeff Bocan, managing director for Beringea. "Dentsu has made a very smart acquisition as I expect Steak to continue to be a winner in what is a rapidly evolving and competitive market."
"It has been great to have Beringea as a supportive and active partner," said Bishop. "They have a deep understanding of the media industry and media agencies, which has been invaluable."
More at www.beringea.com or www.investmichiganfund.com.
