M&C Saatchi is launching a new division called Accelerator that will work with private equity companies to assess brands and identify deals. The division will be headed by the agency’s UK chief executive Tim Duffy.
M&C will cherrypick people from different parts of the agency to work in the division, which is in talks with at least six private equity firms.
Duffy says: “Private equity is increasingly significant in the British marketing landscape. We want to work with these companies to grow the top line.”
The Confederation of British Industry’s employers body recently jumped to the defence of the role of private equity in British business. In a submission to the Treasury committee investigating private equity, the UK’s largest business organisation said charges against private equity firms of being “ruthless asset strippers that practice casino capitalism” were ill-founded and based on misunderstandings.
CBI director-general Richard Lambert said they had created jobs faster than the largest listed companies over the past five years, and warned that any attempt to rein them in with regulation could hit all businesses.