MADRID: French private equity firm MBO & Co has sold its 30% stake in communications and public affairs consultancy LLYC to the firm's partners.
MBO & Co became a shareholder in 2015, and LLYC spent the subsequent years executing a growth strategy that combines organic development with high-value acquisitions, the companies said in a statement.
MBO & Co decided to exit because it had met its investment objectives, according to partner Richard Broche.
"LLYC has successfully completed an ambitious growth plan that has established it as a comprehensive provider in the communications and public affairs consulting sector, with specialist teams in multiple areas, as well as technological capabilities and geographic leadership in Iberia and the Americas, a region that represents 52% of the business," Broche said in a statement.
During this period, the firm's revenues doubled with an average annual growth of 18% from 2014 to $53.6 million in 2020. LLYC’s revenue was up 1% last year globally to $48.9 million, according to PRWeek’s Agency Business Report 2021. It rebranded from Llorente & Cuenca in 2019.
Its team has grown to 600 professionals globally and has integrated firms such as Impossible Tellers, Arenalia and Diplolicy in Spain; S/A Comunicaçao in Brazil; EDF in the U.S.; and Factor C in Chile.