Communications consultancy MHP’s owner Engine has had all of its shares purchased by private equity firm Lake Capital, with the exception of the 15% owned by staff. Private equity firm HIG Capital was formerly Engine’s main backer.
A new entity, branded Engine Group, will combine two of Lake Capital’s existing investments with Engine; research and insights company ORC International and entertainment and content company Trailer Park.
The new group will have revenues of around $400 million.
There are reportedly no plans to consolidate Engine Group’s UK based marketing services companies, which include top-rank communications consultancy MHP.
Peter Scott, the group chief executive of Engine, is to become the vice-chairman and head of global strategy for the new entity. Terry Graunke, Lake’s chairman and co-founder, is to become executive chairman.
Debbie Klein (pictured) will continue in her role as the chief executive of Engine UK.