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Independent shop Zambezi sells majority stake to private equity firm Manna Tree

Ad Age’s Brian Bonilla reports that Zambezi is selling a majority stake to private equity firm Manna Tree, an unusual deal that has the independent agency helping evaluate deals and bringing marketing expertise to Manna Tree’s portfolio companies beyond its usual client work.

Why it matters. Independent agencies gain a new argument for private equity interest, where capital access — not just creative output — justifies the valuation.

Signal from adage.com · Brian Bonilla · read the original.

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