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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Crowe provided reporting accountant services to Auctus Growth plc on its acquisition of HeiQ Materials AG and readmission to the Main Market.
Crowe provided reporting accountant services to Cornish Metals Inc., a mineral exploration and development company, on its admission to AIM.
Crowe provided financial and tax due diligence services to Astra on its acquisition of DNH.
Crowe UK provided reporting accountant services to BSF Enterprise plc on its readmission to the Main Market.
Crowe provided reporting accountant services to National World plc, an acquisition company, on its admission to the Main Market.
Crowe UK provided reporting accountant services to Mining, Minerals & Metals plc on its admission to the Main Market.
Crowe completed both financial and tax due diligence for Ama Capital in respect of this investment in Ivy House Learning Ltd.
Crowe provided Financial and Tax Due Diligence services to Chiltern Capital on its investment into Xburo.
Crowe provided financial and tax due diligence to Dynamic Networks Group Holdings Limited on its acquisition of Ambico Services Limited.
Crowe provided financial and tax due diligence on behalf of Ethos Partners LLP in respect of this investment.
Crowe completed both the vendor and tax due diligence on behalf of Lysander, and the financial top-up due diligence on behalf of TPA Capital.
Crowe provided financial and tax due diligence to LBG Media plc for its acquisition to Uncovered Holdings Limited.