Fri, 19 Jun 2026 | BUSINESS SALE
AIM-listed media business LBG Media has acquired Gen Z-native, social-first creative agency Uncovered in a deal worth an initial £26.8 million. Uncovered specialises in end-to-end design, production and management of social media strategies, with expertise in short-form content.
The London-based company, which was founded in 2017, is recognised as the number one TikTok partner in the EU, having completed campaigns for leading brands including KFC, Tesco, Taco Bell and Stellantis.
In the year to December 31 2025, Uncovered reported revenue of £10.2 million and adjusted EBITDA of £2.7 million. In the current financial year, running to December 31 2026, the company’s revenue is expected to grow by at least 50 per cent.
Manchester-based LBG Media, the group behind LADBible, has acquired 75 per cent of the share capital of Uncovered Holdings, trading as Uncovered, as well as agreeing options to ultimately acquire the remaining 25 per cent stake.
The deal involves an initial cash consideration of £26.8 million, including customary adjustments for working capital, cash- and debt-like items. An earnout cash payment of up to £7 million is payable based on Uncovered financial performance in the calendar years 2026 and 2027.
This includes partial realisation for Uncovered’s founders and management, in addition to full value realisation for early-stage investors in the company.
Pursuant to the Put & Call Options, LBG Media also has the right to purchase, or may be obligated to acquire, the remaining 25 per cent of Uncovered’s share capital for an exercise price, to be calculated on agreed nine times multiple of respective adjusted EBITDA in each of the calendar years 2028, 2029 and 2030.
The acquisition has been funded through LBG Media’s existing cash resources and a new debt facility with HSBC UK of up to £50 million. This facility comprises a revolving credit facility of £35 million and an accordion option of up to an additional £15 million, subject to lender consent.
In order to finance the initial day one consideration, along with associated fees, LBG Media has drawn down approximately £17 million from the facilities, as well as utilising around £10 million from existing cash resources. This leaves approximately £10 million of free cash in the group to cover working capital requirements.
Solly Solomou, Chief Executive at LBG Media plc, said: "At LBG Media we've always believed the future belongs to businesses that understand audiences and culture. Chris, Catherine and the team at Uncovered have built one of the leading social-first agencies, and by combining their creative expertise with our audience insight, publishing capabilities and global reach, we're creating an even stronger proposition for brands looking to earn attention, build relevance with youth audiences, and win in a social-first world.”
Solomou added that the deal "marks another important step in our strategy to build the world's leading social entertainment business for young adults.”
Uncovered co-founder and Chief Executive Chris Cookson said that joining LBG Media would enable the firm to accelerate its mission of building the world’s leading social-first creative agency in the UK and US, “with the backing of one of the world's leading social entertainment companies and access to one of the most engaged social audiences on the planet."
Fellow co-founder and Uncovered Chief Commercial Officer Catherine Orr added: "We've spent the last eight years building a people-first business that helps brands navigate an increasingly social-first world, while working hard to establish a growing client portfolio in the UK and emerging one in the US.”
"We see enormous opportunities ahead for our clients, people and partners as we combine our creative expertise with LBG Media's scale, insight and cultural influence."
The media sector is playing a significant role in the high levels of M&A activity currently shaping the broader UK Technology, Media & Telecoms industry
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