Gratterpalm acquires CRM and multichannel agency Underwired - Advised by Green Square
Gratterpalm acquires CRM and multichannel agency Underwired - Advised by Green Square
We are delighted to announce the sale of London-based eCRM/CRM agency Underwired to creative communications agency Gratterpalm.

The deal, advised by Green Square, Gordons Brown Butler and Lewis Silkin, will see the companies join to have a combined headcount of 170, and a combined fee income of £12m.

Gordon Bethell, managing partner of Gratterpalm, said: “With Underwired, we have found a great team with industry leading skills and expertise in an area that is key for all of our clients. Connecting all of our shopper marketing and campaign strengths with customer data and strategic planning means our clients can continue to stay ahead of their competitors. The ability for us to deliver across the whole customer journey, in every channel, is of critical importance.”

Added Felix Velarde, co-founder of Underwired: “Multichannel thinking is a pressing reality for all of our clients. Brands and retailers need continuity, coherence and consistency throughout all stages of the customer lifecycle. This deal gives clients a highly competitive combination of multichannel strategy with outstanding instore, digital, mobile and advertising.”

The client base for the two agencies includes Asda, Greggs, P&G, Magners, Halfords, Travelodge, DFS and ESPN.

Felix Velarde, Chairman, Underwired commented:

We engaged Green Square to sell Underwired at the beginning of October. By early November they had an unprecedented long-list of interested partners. In the end we had serious offers from six different agencies and groups, and sold after a lightning fast period, for higher value than we’d initially anticipated.

Green Square managed every aspect of the sale, from early introductions and chaperoning meetings to the negotiation of terms. Throughout the process, Tony Walford and Barry Dudley showed themselves to be adept at getting the best out of all concerned - the sellers, the potential buyers, and the negotiation itself. I cannot recommend Green Square highly enough.

Tony Walford, Green Square Partner commented:

We had known Underwired for some time, so when the decision was made to take the agency to market we were quickly able to assess who the most appropriate suitors would be and, given Underwired’s highly sought after offering, there was a lot of interest.

Gratterpalm was a particularly good fit as it needed Underwired’s eCRM capability to augment its existing offer and was also looking for a London office. Underwired was looking for scale and the ability to enhance growth - thus this was an excellent strategic match.

Felix, John and the team at Underwired were a pleasure to work with, as were the team at Gratterpalm, and everyone’s determination and pragmatism to get the deal done ensured it closed in a very short timeframe. 
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