The founding shareholders of Belgiovane Williams Mackay Pty Limited (BWM), a high profile Australian creative advertising agency, have acquired the remaining 49% shares from Enero Group Limited (Enero) for an undisclosed consideration.
51% of BWM had been acquired in 2006 by Enero Group Limited (formerly Photon Group Limited), an ASX listed communications and marketing services company. Enero and the BWM shareholders had also entered into an earnings based agreement for the sale of the remaining 49% at the time of the initial acquisition.
Following a significant change in Enero’s circumstances since it had acquired its interest in BWM, Baron arranged a transaction which met the needs of Enero both in terms of its outstanding financial commitment and its business refocusing and which also provided BWM shareholders with a favorable financial outcome and 100% ownership.
Oaklins' team in Australia acted as advisor to the buyer in this transaction.
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