Vinyl Group (ASX:VNL), Australia’s only ASX-listed music Company, has executed an agreement to acquire Funkified Entertainment Pty Ltd (Funkified). Funkified is an end-to-end events and brand activations business founded in 2009. It has served as The Brag Media’s in-house events arm since 2021, and as a brand activation agency, white-labels for some of the largest advertising and creative houses in Australia. Vinyl Group will acquire 100% of the issued capital in Funkified for $2.5M (made up of $1.8M in cash, $0.2M in Vinyl Group shares, and $0.5M in deferred performance shares).
- Acquires Funkified for $2.5M
- Brings Vinyl Group events function and capabilities in-house; improves margins and accelerates growth.
Vinyl Group CEO, Josh Simons, said: “The acquisition of Funkified completes our acquisition strategy aimed at fully realising the opportunities identified in The Brag Media business, while improving group company margins, revenue and driving growth.”
Funkified Founder & CEO, Stephenson, said: “Following several years of working closely with the incredible team at The Brag Media and Vinyl Group, creating some of the country’s largest and most innovative events and activations, it is an exciting step in our 15-year history to officially join Vinyl Group.”