Enero Group, a network of marketing and communications specialist agencies, has sold two of its businesses, The Leading Edge (TLE) and The Digital Edge (TDE), to FiftyFive5. Enero Group acquired both shops in 2004.
The network, which houses agencies such as BMF and Orchard, said it made these divestures to align the group’s portfolio. "We will continue to invest in the capabilities of our core brands," said Brent Scrimshaw, Enero Group CEO. "(The network remains) relentlessly focused on cross-geographical growth and refining our portfolio of global brands and services."
The announcement follows Enero’s recent half-year financial results which saw the business' revenue grow 15.1% and operating profit by 23.3%. Scrimshaw noted that the network had benefited from previous deals and had dry powder lined up for more acquisitions.
“We are seeing the benefits of our FY21 acquisition of McDonald Butler by Hotwire UK, with its fully integrated client proposition and suite of services delivering new business wins and cross-selling opportunities," he stated in the latest earnings announcement. "We have a full pipeline of M&A activities, and this important priority is supported by a flexible balance sheet with net cash of $47 million, adjusted for contingent consideration.”