A growth equity investment from Abry Partners will support CVG’s long-term plan around accelerating global expansion and technological innovation strategies – and boost its groundbreaking service for multinational advertisers and brands
Following the transformative merger between Chimney and Vigor earlier this year, the Chimney Vigor Group [CVG] is taking another big stride towards accelerating its long-term growth strategy by securing an investment from media, communications, business and information private equity firm, Abry Partners.
Over the past 25 years, Chimney has grown from one office in Sweden to a global organization with 13 offices in nine countries across four continents. Following the merger with Vigor, the company has gone from strength to strength, significantly enhancing its tech capabilities. They now offer SaaS (software as a service) hand in hand with world class end-to-end creative services.
Maintaining steady progress despite disruption from the coronavirus, the investment will enable the group to rapidly deploy and develop the unique mix of technology, services and outreach that come as a result of the merger. In addition to a strong focus on organic growth, the group will create additional value for its customers via M&As with companies with relevant technologies and capabilities.
CVG has developed and deployed a unique cloud-based service enabling multinational brands and advertisers to manage all aspects of their marketing more effectively, all while lowering costs and facilitating workflows. Brands can now manage huge volumes of content and budgets seamlessly with their media, communication and production partners globally.
Currently, the process for multinational brands and advertisers to track down spend, locate and control creative assets and re-distribute budgets is extremely convoluted, almost always laying in the hands of their various external partners. This results in a lack of control, consistency and transparency across the process, hindering global advertisers from easily redistributing budgets and content and making things inefficient financially.
CVG’s platform solves these problems, giving brands back control and transparency whilst offering a service to re-activate and redistribute creative assets using its 400-strong award-winning, global creative team.
Henric Larsson CEO of Chimney Vigor Group & Magnus Sorlander, CEO of Vigor comment: “Most clients do see value in creativity but not in the classic ad agency offering. We can combine and deliver what they want and need, all under one umbrella. Any client will tell you they spend too much time on manual processes that don’t link up in an intuitive way. We can use technology to change that. Abry saw something very unique in us. Our competitors are either just cloud-based software companies who don’t understand the challenges marketers are facing or are huge production companies with high churn and low creative output. We can offer the tech solution at a global scale AND the access to world class talent. This investment is huge for us as we can now enhance this at speed. What we’re now on the lookout for is more top level creatives and talent to join our team.”
No further terms of the transaction were disclosed.