AFM Backs Paver Smith’s Acquisition of Stripe Communications

28th January 2008

Liverpool-based PR and marketing agency Paver Smith is expanding following its acquisition of Manchester-based Stripe Communications in a deal funded by Alliance Fund Managers (AFM).

AFM has invested £250k through the MSIF Mezzanine Fund to finance the acquisition and provide working capital to the business. It is the second time AFM has supported Paver Smith having invested £200k in 2006 to fund the management buy out of the PR division of a larger full services agency in 2006.

Paver Smith is one of the North West’s largest PR and marketing agencies, currently employing 36 staff, and a turnover projected to reach £2.8m this year. This latest acquisition, which will grow the company’s presence in Manchester where it has several existing clients including DLA Piper and Grant Thornton, follows the purchase of Liverpool-based PR firm Factory Communications in June 2008.

Martyn Best, Paver Smith’s director who led the transaction said: “Given the current environment, it was sensible to underpin our acquisition with further investment, and I applaud the help that AFM has given us. They have been good supporters of our business from the outset, and recognise that we’re a strong sustainable business.

“We’re working on a few other developments for later in 2009, but our first priority is to complete the integration of Stripe and build upon the opportunity that being in Manchester and Liverpool gives us. It may be tough out there but there’s no gloom around us.”

Malcolm Jones, who led the transaction for AFM said: “Paver Smith has a number of large, high profile accounts across a variety of sectors and is run by an experienced and driven management team. We are very pleased to be supporting them again and look forward to working with them through this exciting phase of development.”

Stripe is led by former Harrison Cowley UK head of business development Denise Mullen. Its clients include Manchester Greyhound Stadium Belle Vue and the Walton Centre for Neurosurgery and Neuroscience.

Paver smith has also appointed David Heal who led the management buy out team that bought Harrison Cowley from Saatchi & Saatchi. His experience and contacts will aid a further dimension to Paver Smith and will help with their medium and longer term objectives of establishing a wider national network.

Ends

For further information please contact Angela white at Alliance Fund Managers on 0151 242 6376.

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Photo shows L-R Malcolm Jones (AFM) with Rachel Smith, Martyn Best and Dougal Paver (Paver Smith)

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