The bosses of BWM have bought the agency back from Enero, which rebadged from Photon earlier this year.
The move comes a few weeks after the agency management categorically denied having plans to do so.
BWM – founded by Rob Belgiovane, Paul Williams and Jamie Mackay – lost its biggest client Telstra about a year ago.
When Enero boss Matthew Melhuish presented his new strategy earlier this year, BWM was barely mentioned, which triggered speculation that the founders might try to buy Enero’s 51% stake back. The stake has cost the trio $7.5m – almost exactly what they were reportedly paid in 2006. Details of any outstanding buyout payments to the trio were not given.
In a joint statement the three partners said:
“With 15 years of successful partnership and working with some of Australia’s biggest brands, we couldn’t resist the opportunity to back ourselves, our team and our brand one hundred percent. The opportunities that face the industry and clients today are perfect for the entrepreneurial, performance-based, creative culture of BWM. We are convinced that there’s never been a better time for an agency focused on creating ideas that get Australians talking.”
The agency says it has a satff of 120 with clients including Sanitarium, nib, Tabcorp, Simplot, Kmart, GE Money, Brown Brothers, Real Estate.com and the Department of Health and Ageing. Agency revenues now exceed $20m bolstered by recent wins of REA, Leggos and Amcal.
Enero chairman John Porter said: “The board is conscious of balancing future investment in the digital landscape with appropriate capital investment.”
Enero’s agencies include BMF, Naked Communications, The Leading Edge and Frank PR.