Sir Martin Sorrell is the kind of founder who people in Silicon Valley most prize. He has enjoyed huge success, having built the world’s biggest advertising conglomerate over 32 years, WPP. He’s also out for revenge. Soon after WPP’s board began investing an “allegation of misconduct” in the spring of last year — it later asked him to pay back $200,000 in personal expenses — Sorrell left the company in a huff.
Six weeks later, he’d formed a new company, S4 Capital, using a playbook that he knows works. He and a partner launched London-based WPP by buying a controlling stake in publicly traded company that made wire baskets and teapots, then using it to launch a global shopping spree. Similarly, S4 emerged from a reverse-merger with Derriston Capital, a small shell company that went public on the London Stock Exchange in 2016 and rebranded as S4. Then it started bulking up.
Already S4 — which Sorrell funded himself with £40 million and that has raised tens of millions more from other institutions for acquisitions — has successfully pursued nine companies, though Sorrell stresses these are mergers. “All half …read more
Source: Tech Crunch