Beringea Exits Steak Group

Media agency network Dentsu has acquired digital marketing services company Steak Group from Farmington Hills, Michigan.-based investment firm Beringea. Terms of the acquisition were not disclosed. Beringea invested in Steak through its London office in 2007 and 2010, the firm said in a written release.

PRESS RELEASE
Beringea portfolio company, Steak Group, has been sold to Dentsu, the world’s number one consolidated media agency network. Terms of the acquisition were not disclosed.

Steak, a digital media company, currently has 94 employees and offices in New York, London and Melbourne. The company is led by Oliver Bishop, co-founder and CEO, and Duncan Parry, co-founder and head of Paid Search.

Steak’s reputation for consumer engagement and delivering measurable results is reflected in its diverse client roster, which includes such innovative brands as, AXA, Expedia, Trump Hotels, and U-Store-it.

Beringea invested in Steak through its London office in 2007 and 2010, helping the company establish its international operations and its top 15 position in the Marketing and New Media Age magazine rankings for digital search agencies in the United Kingdom.

“Having already backed the management team in another successful investment, Espotting, it was an honor and pleasure to work with Ollie and Duncan again; they did a great job of developing the company to this stage,” said Jeff Bocan, managing director for Beringea. “Dentsu has made a very smart acquisition as I expect Steak to continue to be a winner in what is a rapidly evolving and competitive market.”

“It has been great to have Beringea as a supportive and active partner,” said Bishop. “They have a deep understanding of the media industry and media agencies, which has been invaluable.”

About Beringea
Beringea offers advice, guidance and capital to support growing businesses. Headquartered in Farmington Hills, the firm is Michigan’s largest and most active venture and expansion-stage capital investor. With an additional office in London, Beringea has more than 70 portfolio companies in the U.S. and UK in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the manager of funds, including the InvestMichigan! Growth Capital Fund, InvestCare Partners, Global Rights Fund II and the ProVen family of venture capital trusts. For more information, visit www.beringea.com or www.investmichiganfund.com.

About Steak Group
Steak Group comprises digital marketing services companies Steak UK, Steak US, Steak Australia and Minute Steak. Steak specializes in paid and natural search marketing (SEM and SEO), social media marketing, affiliate management, display advertising and digital design. Steak’s clients include Virgin Holidays, Debenhams, Swiftcover and Dixons Retail in the UK; Trump Hotels, Expedia, The Maids and U-Store-it in the US; and Betfair, Best Western and Thrifty in Australia. Minute Steak provides cost-effective search and social media services to smaller budget advertisers including fashion brands, online retailers and business service providers. Steak is a previous winner of the coveted Media Agency of the Year award at the Interactive Marketing and Advertising Awards, and has offices in London, New York and Melbourne.

About Dentsu Network West
Its operating companies include Dentsu-branded agencies as well as the industry’s most lauded names, such as ATTIK, mcgarry bowen (Ad Age’s 2010 A-List, as well as their 2009 Agency of the Year), and Firstborn (on Advertising Age’s 2009 A-List). Dentsu Network West’s mission is to connect all of the future-obsessed, client-centric, entrepreneurial talent of the Network in service of its clients’ businesses. Dentsu Network West is headquartered in New York, with regional hubs in London and São Paulo.