PHOTON GROUP SNARES MAJORITY SHARE IN BWM SYDNEY
The Photon Group has taken a 51% stake in BWM, Australia's largest independent agency group, which also comprises Cox Innall Communications, and PPA AdCafe. The balance of 49% remains owned by managing partners Rob Belgiovane (pictured), Paul Williams, and Jamie Mackay. The three maintain day to day management control of the business.
BWM has grown strongly and steadily over the last few years, reaching $18.5m revenue averaging 20% profit. The deal entails an upfront cash payment of $7.3 million as well around 1.3 million Photon shares, taking the total purchase price to approximately $13.8 million.
Says BWM Group CEO Paul Williams: "we wanted to consolidate our independent status but in a more robust way that will give us the resources and partners we require to continue to deliver a world class service with strong growth. The Photon partnership gives us the backing for our continued development and helps underwrite our growth strategy to be a top 5 Australian agency group over the next 3 years.”
Adds ECD Rob Belgiovane: “Photon was a considered choice..for us versus the multinational option. It allows us to access the capital and business expertise, but by same token ability to maintain independence of management.
Adds partner James Mackay: “It also provides additional security for our staff, management board and clients and helps us continue to attract the most talented people in the business….. so we can continue to provide a contemporary creative culture with quality delivery and unique challenger thinking across all channels.”
posted by CB @ 1:57 PM
13 Comments:
At least when SEE got bought out by Photon, the SEE guys were honest. Their press release went something like: WHOO FUCKING HOOO!!! WE'RE RICH!!!! RICH BEYOND OUR WILDEST DREAMS!!!!! HAHAHAHAHA!!!!!
'consolidate our indedpendent status in a more robust way'... that's a nice spin on an independent selling out to a holding company.
nice cut and paste from Adnews lynchy
Add all three: "Plus we got the chance to SERIOUSLY FUCKING CASH IN!!!!"
4:21... we all had the same press release, but I found out about it before the press release came through and had it on the blog well before AdNews.
Rob Belgiovane is a very small and very rich man.
Guy's and gal's....what do you want out of advertising?
Really..think about it. Awards get you respect but precious little money.
What do we (I count myself in) want? An upgrade to movies?....A show at an Art gallery?...what's our goal as creative people?
Is Rob any less a guy becuase he tokk the money for the company he built up?
Is he selling out?
My question is...as creative people what is our long term goal?
SOUL DOUBT.
As Paul Arden says, think about the money, at least it's honest.
We can all be artists starving in the proverbial garrett, it's not as hard as what we do. Bad artists starve just like some good ones. Really good ones make a shitload.
So if you don't want to think about the money and you care for creative integrity, resign tomorrow and go make art, it's as easy as that.
I know I won't be.
What do I want out of advertising?
Firstly, to have a long career in an industry that's more enjoyable than most others.
To be responsible for the sort of work that gives us a good name. The work that wins both awards and the hearts of real (non-ad) people.
To make money. Money's good, it lets you pay for cool stuff like travel, food, clothes, books, and lets you live in a decent place in a cool suburb and drive a decent car and not have to worry about whether you can afford to eat out or not.
I also want to work with good people who care, people who make me laugh and make we want to front up to the office every day.
That's it. Do mainly good work, some great work and hopefully not too much shit work along the way (although everyone does shit work, the thing that separates us is how much GOOD/GREAT stuff we do)... make decent money... work with good people who inspire me, and have some fun along the way.
Listen you precious idiots, and no I'm not Belgo, don't you want to make money for your grist and grind? Start an agency, put your cock or clitoris on the block, wait ten or so years and maybe, just maybe, if you're good, you'll make a lot of money. Detractors who think this is not the aim of the business forget that we are the most vocal part of capitalism. Whinge, complain, be poor and weep. Or be smart, work hard , be good and reap.
By the way, I leaked the article to Lynchy a day ahead of the other media. Why? because I trust him and reckon he has more interest in the business than any of the other
corporate, who cares types.
I agree with your
(wo)man above. Plus, I got into advertising so I could have a life like Tom Hanks in 'Big' without having to work for a toy company.
I've nearly saved enough for my bunk bed by the way.
I posted "SOUL DOUBT." It's great to see the response. You've just cemented my own beliefs as to why I've chosen this industry. Good on BWM.
I like the sentence from 7:24 "The work that wins both awards and the hearts of real (non-ad) people".
Sadly, advertising people are drown in adwards show than doing great work. I think award show is killing the industry.. but still, awards that keep your bank account flowing.
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