Manchester-based digital marketing agency, Social Chain, has been acquired by rival firm Brave Bison for an initial fee of £7.7 million. Social Chain, which was founded in 2014 by Dragon’s Den star Steven Bartlett, has worked with major brands such as TikTok, Amazon, and KFC. The sale price could potentially rise to over £16.3 million depending on Social Chain’s performance over the next three years.
Brave Bison Chairman, Oliver Green, stated that his company has long admired Social Chain and sees great potential for growth within Brave Bison. He added that Social Chain is among the “world’s best-regarded social media and influencer marketing brands” and the acquisition brings highly relevant clients into Brave Bison’s business.
Social Chain CEO, Peter Metcalfe, expressed his excitement about the acquisition and said that it will only help to enhance their plans to grow the Social Chain proposition and build on their continued success.
Bartlett stepped down as company director in September 2020 after the company merged with Lumaland. The company rebranded as The Social Chain AG and went public on XETRA and the Düsseldorf Stock Exchange. At its peak the business was valued at around €800 million but the share price sold off heavily during 2022. News of the sale generated interest on Twitter as people were surprised at the valuation.
Short of it:
•SC does £9m revenue in 2018
•SC did “reverse merger” with Lumaland AG – an already public German retail co.
•Combo renamed as “Social Chain AG”
•Bartlett repeatedly claims he built that public entity to £300m+
•Builds entire personal brand of it🍿🍿🍿
— Elliott (@ehawk90) February 4, 2023
While it is unknown whether he stands to financially gain from the sale, he has lent his support to the deal and praised the two young entrepreneurial brothers building Brave Bison. He added that the two companies should be a great fit.
In January 2023, Bartlett launched an £81 million investment fund targeting startups in the space, biotech, blockchain, and health tech industries. The fund aims to help startups in these industries achieve their goals and bring their ideas to life. With his vast experience in business and extensive network, Bartlett is well positioned to help young entrepreneurs succeed.
The companies’ shared culture and like-mindedness are sure to result in a successful partnership, and their combined services will benefit clients.
