VCT News
Beringea Exits Portfolio Company Steak Group Ltd.
LONDON, June 3, 2011 — Beringea, manager of the ProVen VCTs, today announced that it has sold its equity interest in Steak, a digital media company, with offices in London, New York and Melbourne, to Dentsu, the world's #1 consolidated agency network.
Steak currently has 94 employees and is led by Oliver Bishop, Co-founder and CEO, and Duncan Parry, Co-founder and Head of Paid Search. Steak's reputation for consumer engagement and delivering measurable results is reflected in its diverse client roster, which includes such innovative brands as Virgin Holidays, AXA, Swiftcover, Debenhams and Comparethemarket.com.
Beringea invested in the company in 2007 and 2010, helping the company establish its international operations and its top 15 position in the Marketing and New Media Age league tables for digital search agencies in the United Kingdom.
Commenting on the deal, Trevor Hope, Beringea's Chief Investment Officer, said "Having known and been successful with the management team in a previous investment, Espotting, it was great to work with Ollie and Duncan again; they did a great job of developing the company to this stage. Dentsu have made a very smart acquisition as I expect Steak to continue to be a winner in what is a rapidly evolving and competitive market."
Ollie Bishop, Co-founder and CEO of Steak said "It has been great to have Beringea as a supportive and active partner. They have a deep understanding of the media industry and media agencies, which has been invaluable". The entire share capital of Steak is being sold to Dentsu Network West which is a collaborative collective of Dentsu owned companies in North America, Latin America, Europe and Australia. The terms of the acquisition are not being disclosed.
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.