Mon, 24 Oct 2022 | BUSINESS SALE
Liverpool-based e-commerce agency Velstar has acquired Chester-headquartered counterpart We Influence and is planning for the deal to be the first in a series of acquisitions. The deal to acquire We Influence was backed with funding from River Capital.
Following the completion of the deal, the two combined agencies will have £4 million in turnover and are aiming to reach £6 million by 2024. The business’ client portfolio will include Avon, De’Longhi, Kenwood and French Connection, among others.
The combined businesses are expected to benefit from We Influence’s growth-focused marketing capabilities and Velstar’s technical and e-commerce expertise. We Influence will relocate to Velstar’s Liverpool headquarters as part of the deal.
Velstar was founded in 2016 and has since established a strong growth trajectory. The company said that the deal for We Influence would be the “first of many” acquisitions and that the firm is seeking "meaningful acquisitions and strategic partnerships as part of its wider M&A strategy".
Daniel Sheard, Chief Executive of Velstar, commented: "Both Velstar and We Influence have been active in the eCommerce space for years now.
"This acquisition, made possible with support from the River Capital Business Growth Loan Fund, strengthens our offering within the Shopify ecosystem by deepening our marketing services to give our clients access to a team of digital growth experts at every stage of their eCommerce journey, all in one place."
Jim Moore, Investment Manager at River Capital, added: "We were pleased to support Velstar in its acquisition of We Influence with investment from the recently announced Business Growth Loan Fund.”
"This fund was established to help fuel growth and create and safeguard jobs within the North West and the acquisition of We Influence by Velstar indicates their commitment to doing just that. We now look forward to following the next part of their journey."
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