JSE-listed conglomerate Bidvest has acquired a majority stake in Retroviral Digital Communications, a digital agency founded by entrepreneurs Mike Sharman and Murray Legg.
The value of the deal has not been disclosed.
The acquisition will result in Retroviral becoming a subsidiary of Bidvest Media, a company which currently has a 100% stake in integrated sports marketing and sponsorship agency MSCSports and airport media business Create.
Sharman will retain an interest in Retroviral post-acquisition and will continue to lead the company. The Retroviral team will move into the Bidvest Media stable. Legg has sold his entire stake in the business as part of the deal and is leaving the company.
Retroviral, which Sharman and Legg founded five years ago, now has the opportunity to offer digital marketing services to the entire Bidvest group, said Bidvest Media CEO Neil Jankelowitz.
He said Bidvest will not take operational control of the business, but, in line with the group’s model, will provide it with back-office support and access to group clients.
Sharman said the deal will allow Retroviral to expand internationally, while remaining “entrepreneur centric”. — © 2015 NewsCentral Media