The acquisition of a majority stake in Firma allows the group to continue its strategy of expanding its value proposition and incorporating highly specialized consulting and brand image services
The firm is led by Anton Pinyol, Marc Lite, and Andrea Arrieta and has a team of nearly 60 people, with its headquarters in Barcelona and an office in Miami
Madrid. June 21, 2022. MioGroup, a strategic consulting firm specializing in marketing services and digital transformation, has announced the acquisition of a 51% stake in Firma—with an option to purchase 100%—a Barcelona-based brand consulting firm specializing in brand creation and development, creativity, and digital production, with an office in Miami. The company’s valuation has been set at 11 million euros for 100% of the equity.
This acquisition expands the group’s branding services, enabling it to participate in the strategic planning of its clients’ marketing and advertising projects, and broadens MioGroup’s geographic reach, with a quarter of its team now based outside Madrid, in addition to its existing offices in Lisbon and Mexico City.
Firma is a consulting firm specializing in brand image development—from brand analysis, naming, and identity creation to its expression through content and activations—bringing brands to life. To achieve this, it brings together a team of nearly 60 people with diverse backgrounds, both personally and professionally, who share a passion and a philosophy of teamwork essential for combining innovative and creative processes with a solid, proven methodology that has led the firm to generate revenue of 4.8 million euros with an EBITDA of nearly 1.7 million euros in 2020.
Firma’s client portfolio includes companies such as HP, PepsiCo, Unilever, SEAT, Volkswagen, Wallapop, Typeform, Ironhack, Renfe, Sabadell, Torres, Roca, and Planeta, among others.
Yago Arbeloa, president of MioGroup, has highlighted the importance of this transaction because“in addition to strengthening our most strategic and creative branding consulting services, Firma allows us to expand our presence in a key market like Barcelona, and gives us access to the North American market through its Miami office, complementing our presence in Mexico.”
Marc Lite, a partner and chief strategy officer at Firma, noted that ““This agreement offers us great opportunities, as it expands the scope of our consulting services and gives us access to new clients who already trust MioGroup, one of the industry’s leading companies. We look forward to contributing our expertise and ambition to continue growing alongside them.”
The agreement between the two companies sets the purchase price for the initial 51% stake at a minimum of 5.1 million euros, payable in cash. The final purchase price will be determined based on the audit for fiscal year 2021.
Miogroup holds a call option on the remaining 49% of the company, exercisable within a maximum period of 4 years. The final price of this potential additional purchase includes an “earn-out” contingent upon the achievement of certain growth and profitability targets.
The acquisition will be reflected in Miogroup’s consolidated financial statements upon its final closing, which is subject to the firm’s audit for the 2021 fiscal year.
Firma’s management team remains with the company to ensure the efficient integration of both companies and the joint pursuit of the development goals for the shared project.
With this transaction, Miogroup takes another step forward in its growth plan following its recent acquisitions—including Datarmony, Artyco, and Dendary—after its first year on the BME Growth stock exchange.
As proof of this plan’s success, the company announced last February that it had closed out 2021 with revenue of 62.6 million euros—the best results in its history, representing a 37% increase over the previous fiscal year. In addition, recurring EBITDA increased by 123% compared to 2020, rising from 1.3 million euros in 2020 to 2.8 million euros in 2021.
Miogroup has announced a share repurchase program to implement a stock award plan for employees and executives of up to 2% of the current share capital, which will be submitted for approval at the next shareholders’ meeting.
