Over the holiday period, IVE Group has completed its acquisition of creative agency Daily Press, finalising a deal valued at $35m, which sees IVE take complete ownership of the agency.
In a statement to the ASX, IVE Group Managing Director, Matt Aitken, said: “The acquisition of Daily Press is a significant step in advancing IVE Group’s ‘Now to 2030’ strategy and positioning creativity as a core driver of our long-term growth.”
“Daily Press brings highly complementary digital, social, performance and technology capabilities that enhance our ability to deliver integrated, omni-channel solutions connecting strategy, creativity and execution in a way traditional agency models cannot.”
The acquisition, which was funded from existing cash reserves and undrawn debt capacity, is expected to contribute annual revenue and EBITDA of approximately $23m and $5.5m respectively, offsetting a total purchase consideration that comprises:
- $25m payable in cash on completion;
- up to $8m payable in deferred consideration subject to the achievement of agreed performance hurdles over the first and second 12-month periods post completion;
- and up to a further $2m in deferred consideration (up to $1m per each 12-month earnout period) based on performance against stretch targets.
IVE expects to unlock annual cost synergies of approximately $1m through the in-sourcing of print, distribution and activation services currently outsourced by Daily Press, with further revenue and cross-sell synergies expected as creative-led engagements flow through IVE’s broader production, logistics, CX & data, merchandise and activation capabilities.
Daily Press will be integrated into IVE’s Creative, Content & Integrated Solutions division and will ultimately relocate to IVE’s Sydney head office premises later in 2026.
Wayne Knight, founder and CEO of Daily Press, will remain with the business post completion in an as-yet unspecified role.
