Hart Ventures takes stake in Craigie Taylor for pounds 2.8m

Specialist sports agency Craigie Taylor International has been boosted by venture capitalist Hart Ventures investing pounds 2.8 million to acquire a 35 per cent stake.

Specialist sports agency Craigie Taylor International has been

boosted by venture capitalist Hart Ventures investing pounds 2.8 million

to acquire a 35 per cent stake.



As a result of the investment, Matthew Argenti, former MD of sports

marketing firm API Sponsorship, has joined CTI as commercial

director.



Argenti was the catalyst for the deal between Hart and CTI. In tandem

with Hart chairman Ian Williams, Argenti planned to invest in a sports

agency. CTI was selected after talking to six agencies.



Argenti joins the agency with two principal briefs - to set up a rights

sales and acquisitions department, which finds sponsors for sporting

events; and to build CTI’s specialist motor racing division. Williams

becomes a non-executive director in CTI.



CTI chairman Marcus Robertson predicts that by the end of 2001 the

rights sales division will account for 50 per cent of the agency’s

overall fee income. Craigie Taylor is currently 49th in PR Week’s Top

150 with fee income of pounds 2,389,567.



According to Robertson, the agency will look to expand through organic

growth via the new divisions for which the agency plans to appoint ten

’good people’ over the next 12 months.



Acquisitions are also a possibility. ’We now have the ability to buy

tactically, but we are not hell-bent on going down that route,’ said

Robertson.



Robertson also said there was a possibility the agency would float in

the near future.



The remaining 65 per cent of the agency is owned by six senior managers,

with the majority belonging to Robertson. A share options scheme has

also been introduced for 20 senior managers.



Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.