The Oliver Grace creative agency has been acquired for $2 million by ASX-listed technology company AD1 Holdings Limited.
Founders Bonnie Borland and Nicholas Lehrain are staying with the Melbourne agency post sale. They are being paid in cash and shares, including an earn out period.
Oliver Grace had been reviewing the AD1 group brand and positioning strategy over the last six months.
“This is a significant period for the AD1 group and we are excited to consolidate such a successful creative agency into the AD1 group," said CEO Todd Perkinson.
"The acquisition will create economies of scale within the AD1 corporate services team as Oliver Grace hand over their corporate services roles, allowing them to focus on core business objectives and growth of the business.
"It will also generate cost savings for AD1 as the Oliver Grace team bring a complementary level of skills that the AD1 group were otherwise obtaining from third parties.
"I am excited to have Nick, Bonnie and the wider Oliver Grace joining the AD1 team. I look forward to their imminent delivery of the first phase of our rebranding and repositioning for the group as well as future group objectives."
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