Thinkerbell buys back equity interest from PwC Australia and becomes fully independent
Thinkerbell, one of the world’s fastest growing and most creative agencies, has today announced the exit of PwC Australia’s minority stake in the company.
PwC Australia’s August 2017 investment came just three months after Thinkerbell launched as a creative startup. The strategic investment provided Thinkerbell the opportunity to build a world-leading agency and drive growth through powerful, creative ideas.
Says Margie Reid, group CEO and partner of Thinkerbell: “We’ve proven that we can do things a little differently and found success. It’s been an incredible journey these last five years and we have loved our time with PwC. However, all good things must come to an end and after much deliberation, we’ve mutually decided that it’s best to return PwC Australia’s stake back into Thinkerbell ownership. We thank everyone at PwC for their belief and support in Thinkerbell. We value our independence and we are excited about what the future holds.”
Says Adam Ferrier, chief thinker at Thinkerbell: “Thinkerbell has grown from a few people in a share house to an agency of around 160 people across Melbourne, Sydney and New Zealand. It’s time to part ways and explore our next adventure. This is a corporate conscious uncoupling, but to quote the song ‘every new beginning comes from some other new beginning’s end.’”
Thinkerbell will continue to support PwC Australia as one of its agency partners.
25 Comments
I too would run as far as possible from the PWC dumpster fire.
‘Closing time’ over at PWC
… I have to respect any press release that manages to work in lyrics from a Semisonic song.
Incredible what they have created.
Did PWC put money in to start the agency and was that deal done before launch?
Is Thinkerbell doing this because the optics of PWC as a bad actor affect their brand. Why now? It seems concurrent with PWC’s woes.
What did Thinkerbell pay for PWC’s 10% stake?
There has to be so much more to that story.
Well done folks. I hope you didn’t pay them more than they are worth.
Love the ‘Time Bandits’ reference.
Hats off. Entirely right move.
… with you. Feels weird for PwC to relinquish a foothold in what appears to be a booming indie network.
Love the Rodin reference, Adam. Nice shot.
I wonder if PWC broke any of the contract rules of the investment given their recent activities and left with emptier pockets?
The PwC money and connection was great for credibility, client wins, press and PR until it wasn’t. And now the conscious uncoupling is PR’ed too.
I respect the opportunism but gee it’s a ruthless pursuit of fame.
… welcome to advertising?
Yes..I agree. There were.some slippery words and weasel phrases that could be examined. Their so called independence til now could be questioned.
C’mon take the money and run
Bravo.
So fucking funny watching people accuse others of being transparent whilst being anonymous. They started the agency, and very soon after (within a few months) announced a 10% sale to pwc . Won loads became campaign brief agency of the year then bought back their 10%. It’s not an overly complicated story.
It’s going to be a lot easier to sell now that they’re fully independent. I’ve worked for a few indies who all swore to the staff that they’d never sell but all did once the agency was around 10 years old. Looking back now the first signs were when the founders started to step back from the business and take more of a hands-off approach. Potential buyers want to see that the agency can run without them at the helm. I imagine it will be harder for TB since the founders are often in the industry press but good luck to them, they clearly know how to run an agency.
PwC bought 10% of Thinkerbell soon after they launched.
Why?
Because Russel Howcroft was the Chief Creative Officer of PwC and was trying to build a marketing services offering for PwC.
And Thinkerbell could benefit from PwC’s introductions/support and reputation [at the time].
Simple as that.
However, since Russel’s [and others in the PwC marketing services team] departure from PwC,
PwC chose to no longer pursuing a marketing services offering.
Both Thinkerbell and PwC have retained a very professional relationship from Day 1.
The simple truth is:
PwC no longer have a need for Thinkerbell.
So, it makes sense to sell their equity.
And Thinkerbell no longer needs to have an equity partner who’s no longer has an interest in
marketing services.
So it makes sense for them to buy-back their equity.
It’s as simple as that.
It’s a win-win for both parties.
Thanks It’s simple that about covers it!
I wonder why PWC would sell back its share of a profitable business?
Because
A) it’s not PwC’s core business or a category they want to be active in
B) Thinkerbell is a very good profitable business, but even if it made $20m pre-tax profit a year (which would probably be 2, 3 or 4 times more than they probably make) 10% of that is just a distraction to a management consultancy if it’s not their core business.
C) Rest assured PwC and Thinkerbell know what they’re doing. And what they’re doing is what grown-up businesses do every day.
@interesting
More likely the PWC scandal triggered an exit clause for Thinkerbell. And they snapped it up
who gives a shit?