TLDR
Special, the New Zealand-founded independent agency behind Uber Eats' Australian advertising, has taken private equity firm Waterman Capital on as a significant shareholder. Terms were not disclosed. Founder Tony Bradbourne becomes global creative chairman and Cade Heyde and Lindsey Evans become global co-CEOs.
KEY TAKEAWAYS
The deal
Special, the independent creative agency founded in New Zealand, has taken Waterman Capital, a New Zealand private equity firm, on as a significant shareholder. Terms were not disclosed. Special's partners remain shareholders, with its international businesses moving into one global ownership structure.[1] B&T noted that Ad Age reported the deal as a majority investment, which the agency's own announcement does not say.[2]
The leadership changes with it. Founder Tony Bradbourne becomes global creative chairman, and Cade Heyde and Lindsey Evans become global co-CEOs. Kelly Grindle, managing director of Special PR, becomes one of the agency's 13 global partners.[1]
"This investment gives us more scope to pursue that ambition," Bradbourne said. Heyde and Evans said: "This isn't about changing who we are; it's about backing what has made us successful."[3] "We see a compelling investment opportunity in the future of creativity," said Jacques Venter, Waterman Capital's executive director.[1]
Where the money goes
Special says the investment will fund new markets, design, PR and strategic consultancy, technology and talent.[3] The agency has grown from one New Zealand office to eight, in Auckland, Sydney, Tokyo, Melbourne, London, New York, Los Angeles and Chicago. Its longest-running relationship is with Uber and Uber Eats, close to 10 years, and it has been named Campaign's Global Creative Agency of the Year three times.[2]
Who Waterman is
Waterman is a mid-market investor that typically backs businesses valued at NZ$50 million to NZ$150 million. Its portfolio includes My Food Bag and Mānuka Health.[3]
SOURCES & CITATIONS
FREQUENTLY ASKED QUESTIONS
Who has invested in Special?
Is it a majority stake?
Who runs Special now?
James Dore is founder and editor of Prompt the Market and Strategy Director at Bushnote, a Sydney strategy, SEO and AI search agency. He has a background in strategy, media and financial services, and led consumer product marketing at MONEYME. He writes on AI search, answer engines, technology policy and media economics.
