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GP Bullhound advised The Variable on its investment and recapitalisation by Svoboda Capital

Driving growth through innovation and creativity.

21 December 2021 - GP Bullhound acted as exclusive financial advisor to The Variable on its investment and recapitalisation by Svoboda Capital.

Based in Winston Salem, North Carolina, The Variable is a leading full-service digital advertising agency and innovation consultancy. The Variable prides itself on its proven, differentiated positioning of advertising that drives growth for today and innovation that designs growth for tomorrow. This approach has resulted in numerous nationally recognised awards and achievements, including most recently Forbes 2021 America’s Best Startup Employers and Adweek’s 2021 Fastest Growing Agencies.

“Since inception, we’ve been able to foster this incredible culture of innovation, business acumen, creativity and teamwork that leads to better business outcomes for our clients and deeper relationships for us across our clients’ organisations,” said David Mullen, Partner and President of The Variable. “Svoboda Capital has deep experience and prior success partnering with agencies, and we share values on the things that matter most – caring for our people, caring for the work and making business decisions based on what’s best for The Variable over the long term – all of which was evident at the outset and remains exciting as we embark on our next phase of growth together.”

Alec Dafferner and Oliver Schweitzer, Partner and Executive Director, respectively, at GP Bullhound, commented: “It was a pleasure advising Joe, David, Keith and the rest of the team on this transaction. We were impressed from day one with their blend of innovation strategy and great creative, as well as their exceptional management team, staff and culture. We have known Svoboda Capital for many years and are confident that this partnership will allow The Variable to continue down the path of rapidly scaling and bring their award-winning services to new brands in need of fresh thinking. We are excited to watch the continued development of The Variable.”

This represents GP Bullhound’s 42nd transaction in 2021 and is further testament to the firm’s leading expertise in the Digital Services sector, having recently advised on the acquisition of Bliss Point Media by Tinuiti, Byte by Dept, Search Discovery by Momentum, and the merger of Orca Pacific with MightyHive/S4 Capital, among others.

For enquiries, please contact:
Alec Dafferner, Partner,
Oliver Schweitzer, Executive Director,

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 10 offices spanning Europe, the US and Asia. For more information, please visit

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