Exclusive: Spain's LLYC buys PR firm BAM for U.S. growth

Madrid-based communications and marketing company LLYC has acquired PR agency BAM as it seeks growth in the U.S., BAM CEO Beck Bamberger exclusively tells Axios.

Why it matters: LLYC, publicly listed on Spain's secondary stock market, aims to double its total operating revenue and EBITDA over the next five years.

Details: Under terms of the deal, LLYC agreed to pay an initial €7 million for an 80% stake in the company, according the announcement. The initial price may be adjusted on the basis of BAM's performance from 2022 to 2025, the announcement said.

• LLYC was advised by a team at Greenberg Traurig, P.A. led by Antonio Peña and Henry Roque. BAM was advised by Agency Futures led by Doug Baxter.

Of note: Bamberger says she began looking for a buyer in 2016 and met with about 65 potential acquirers over the years.

• What sold her on LLYC was the company's global reach, culture and the ability to keep her own agency's independence. She will remain as CEO of BAM and be a partner of LLYC.
• The deal "catapults us into a realm that is far bigger and broader for our clients than ever," Bamberger says.

Catch up quick: Founded in 2008, BAM is a public relations and marketing agency that specializes in serving venture-backed technology companies. Clients have included Thomvest Ventures, Susa Ventures, Pacaso, Capchase, Embark, Mitek, Flock Freight, AdoreMe and Udacity.

By the numbers: LLYC has been seeking to grow its U.S. presence, which is now its third largest area after Spain and Mexico.

• BAM has 35 full-time employees, all based in the U.S. LLYC has about 1,100 employees.

💭 Thought bubble via Axios Communicators' Eleanor Hawkins: It's becoming increasingly important for VC-backed technology companies to invest in smart communications to better explain their purpose, mission and impact.