Private Equity Firm Acquires Creative Agency Zambezi

The deal gives the investment firm in-house access to brand-building and marketing expertise for its consumer portfolio.

Updated on Oct. 22, 2026 in Advertising

Private Equity Firm Acquires Creative Agency Zambezi

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Private equity firm Manna Tree has acquired a majority stake in advertising agency Zambezi. The investment aims to leverage the agency's brand building and consumer engagement expertise to scale the firm's portfolio companies.

Why it matters

The deal signals a push by private equity to integrate specialized marketing capabilities directly into its operational strategy for consumer brands. Manna Tree specifically cited Zambezi's success in sports-audience marketing as a key driver for the partnership.

The acquisition follows a four-year collaboration between the two companies on the Health-Ade account. While the majority stake has changed hands, the size of the investment remains undisclosed.

The players

Manna Tree

A Denver-based private equity firm that invests in companies within the food and beverage industry.

Zambezi

A Culver City-based advertising agency specializing in brand building, consumer engagement, and sports marketing.

Jean Freeman

The chief executive of Zambezi who has led the agency since 2017.

The details

Zambezi will maintain its independent operations and current leadership team following the acquisition by Denver-based Manna Tree. The agency, founded in 2006, will continue its focus on storytelling and consumer engagement to drive growth for Manna Tree’s portfolio. This arrangement mirrors the working relationship the two entities established while marketing Health-Ade, allowing the firm to embed external creative expertise directly into its growth strategy.

2006: Zambezi was founded in Venice.
2017: Jean Freeman became chief executive of Zambezi.

Market Landscape

This acquisition follows the documented trend of private equity firms acquiring creative agencies to drive portfolio growth. It represents a move toward closer integration between financial backers and the marketing partners responsible for brand equity.

Business owners should watch whether this model of embedding agency expertise improves the exit valuation of portfolio brands. For firms relying on outside creative shops, the deal provides a new benchmark for evaluating long-term agency partnerships.

The takeaway

The deal highlights the value of deep historical collaboration before finalizing a full acquisition. Operators should review their own long-term vendor partnerships to identify agencies with a proven track record that could be ripe for deeper integration.