Acquisition: LBG Media plc
LBG Media plc completes the acquisition of Uncovered Holdings Limited
LBG Media plc (LBG) acquired a 75% stake in Uncovered Holdings Limited (Uncovered) for an initial cash consideration of £26.8 million, with a potential earnout of up to £7.0 million subject to future performance. LBG has also agreed put and call options to acquire the remaining 25% of the share capital.
Uncovered is an award winning, Gen Z-focused social-first creative agency with TikTok and Instagram expertise, recurring client relationships and enhanced content production capabilities. In 2025, Uncovered generated £10.2 million of revenue and £2.7 million of adjusted EBITDA, with revenues growing by more than 80% year on year.
The acquisition expands LBG’s social-first creative, content production and technology capabilities, supports its strategy to increase recurring revenues and provides opportunities to grow brand partnerships through Uncovered’s services and LBG’s existing audience and US presence.
Uncovered is an award winning, Gen Z-focused social-first creative agency with TikTok and Instagram expertise, recurring client relationships and enhanced content production capabilities. In 2025, Uncovered generated £10.2 million of revenue and £2.7 million of adjusted EBITDA, with revenues growing by more than 80% year on year.
The acquisition expands LBG’s social-first creative, content production and technology capabilities, supports its strategy to increase recurring revenues and provides opportunities to grow brand partnerships through Uncovered’s services and LBG’s existing audience and US presence.
Crowe’s Role
Crowe provided financial and tax due diligence. The Corporate Finance team was led by Mitesh Patelia, George Lawford, Jacob Porter and Alice Berendt. The tax due diligence was led by Emma Reynolds.
Client’s quote
"Uncovered is a strong strategic fit for LBG Media accelerating our move into high-quality, scalable direct revenue and meaningfully expanding our creative capabilities. Crowe's financial and tax due diligence was a critical pillar of the transaction process, and we're grateful for their expertise in helping us get across the line. I'm excited to watch Uncovered continue to expand with the support of the wider LBG team."
Luke Greasley, M&A Lead at LBG Media plc
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