The management team at Ingenuity Digital Holdings Limited, the North鈥檚 biggest independent digital agency, have led a buyout.
The deal values the Harrogate-based business at 拢30 million but its terms were undisclosed.
A team led by IDHL chief executive Dennis Engel increased its shareholding at the agency, which employs 120 people, backed by funding from HSBC North Yorkshire and Humber and Frontier Development Capital.
鈥淭his investment will help continue our ambitious growth drive and support our clients with innovative new products and services,鈥� said Engel.
鈥淚t has been a transformative 12 months for IDHL with management appointments, new headquarters and a strengthening of our expert team.
鈥淭he MBO will help us keep up this momentum into the future.
鈥淚鈥檓 delighted for the exiting investors and the employees who鈥檝e benefited from their share options and I鈥檓 also pleased about the increased control and shareholding within the business.鈥�
IDHL enjoyed a record year in 2016 as revenues exceeded 拢10.5m and the firm moved into larger premises.
Founded in 2000, it includes the Ingenuity Digital, WMG and NetConstruct brands.
Check out our new ! We have moved into a new office but still on the same address.
鈥� Ingenuity Digital (@IngenuityDigi)