Hicklin Slade & Partners, the digital and direct marketing group that trades under the banner of Crayon, has been bought by Karma Communications Group, the privately owned business backed by its chairman Charles Watson and private equity house Phoenix Equity Partners.
The deal is estimated to have put a value of between £8 million and £9 million on Crayon and will be funded by Watson and Phoenix on similar terms to their acquisition of the Karmarama group in June last year. That involved a mixture of shares and 12% loan notes (see Karmarama managers give up control and business assumes some debt).
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