Italy’s communications and digital marketing landscape has long been defined by two extremes. On one side sit the global heavyweights such as WPP and Publicis, operating at scale with multinational clients. On the other, a highly fragmented ecosystem of smaller, specialist agencies, each strong in their niche but limited in breadth.
A complementary partnership that reshaped the business
NextDifferent brought deep expertise in digital, media and performance marketing. Uniting added strength in brand activation, live experiences, and influencer marketing. The combination worked naturally, with minimal overlap across services or client bases.
Bringing the two together created a broader, more complete platform. Clients can be engaged through physical experiences and brand activations, then guided into digital ecosystems such as apps, platforms, and loyalty programmes that support longer-term engagement.
In a market where brands are looking to build closer and more consistent relationships with consumers, that joined-up approach is highly valuable.
What was missing was something in between. A scaled, independent Italian platform capable of competing with international players while offering a fully integrated service proposition. That was the opportunity behind NextDifferent.
Working closely with the CEO, the vision was clear from the outset. The ambition was to build a national champion. A platform that could bring together complementary capabilities across digital, media, creativity, and activation, creating a true one-stop shop for clients navigating an increasingly complex marketing landscape. It was a model already proven in other European markets and one that felt ready to take shape in Italy.
From vision to platform
The journey began with the combination of Next14 and Different, bringing together strengths in media strategy, data-driven marketing, creativity, and content. That initial step laid the foundations, but the ambition extended well beyond a single transaction.
To accelerate that vision, we supported the shareholders in securing investment from QuattroR through a €20m capital increase, providing funding to support growth and enableg a targeted acquisition strategy.
Attention then turned to identifying the right partner to expand the platform’s capabilities. Uniting Group quickly emerged as a strong strategic fit.
A complementary partnership that reshaped the business
NextDifferent brought deep expertise in digital, media and performance marketing. Uniting added strength in brand activation, live experiences, and influencer marketing. The combination worked naturally, with minimal overlap across services or client bases.
Bringing the two together created a broader, more complete platform. Clients can be engaged through physical experiences and brand activations, then guided into digital ecosystems such as apps, platforms, and loyalty programmes that support longer-term engagement.
In a market where brands are looking to build closer and more consistent relationships with consumers, that joined-up approach is highly valuable.
Scaling up to compete with global players
The result is now one of Italy’s leading independent communications groups, with approximately €130m in revenue and €13m EBITDA. This represents a significant step up from the c.€3.5m EBITDA starting point of the original platform.
The group now has a clear position in the market. It operates as a cohesive business with defined capabilities, a unified proposition and the scale required to compete with international networks, while maintaining the agility and entrepreneurial mindset of an independent business.
That positioning supports larger mandates, deeper client relationships, and a stronger competitive stance against global players.
The combination of NextDifferent and Uniting Group worked naturally, with minimal overlap across services or client bases.
Our role: delivering a multi-step growth strategy
This was a multi-step journey rather than a single transaction, and it required consistency at every stage.
We supported the group across each phase. This included advising on the initial combination, leading the capital raise with QuattroR and acting on the sell-side in the acquisition of Uniting. Alongside this, our debt advisory team structured and secured financing aligned with the group’s governance and growth ambitions.
Throughout, our role was hands-on . From shaping the strategic narrative and positioning, through to valuation, diligence, negotiation, and closing, we worked closely with management to maintain momentum and clarity across a complex process.
Looking ahead: building towards a broader European story
The immediate focus remains on strengthening the platform in Italy and selectively expanding into adjacent markets such as Spain. At the same time, there is a clear longer-term direction.
Across Europe, similar platforms are emerging. Independent, private equity-backed groups are building scale in their domestic markets while focusing on mid-market clients. Over time, these platforms are likely to play a role in a wider phase of consolidation across the sector. NextDifferent is now firmly part of that story.
With strong foundations, an experienced management team and a clear growth strategy, the business is well positioned to play a leading role in the evolution of the sector both in Italy and across Europe.
A sector ready for consolidation
This transaction reflects broader dynamics within the Italian communications sector. The market remains highly fragmented, with many specialist agencies operating across verticals such as media, content, influencer marketing, and events.
At the same time, client expectations are changing. Businesses are increasingly looking for integrated solutions that span online and offline channels without the need to manage multiple providers. This shift is driving consolidation.
With strong financial backing, a clear strategy and an active pipeline of opportunities, NextDifferent is well positioned to continue that journey. The ambition is to reach €200m in revenue over the coming years through a combination of organic growth and targeted acquisitions.
Looking ahead: building towards a broader European story
The immediate focus remains on strengthening the platform in Italy and selectively expanding into adjacent markets such as Spain. At the same time, there is a clear longer-term direction.
Across Europe, similar platforms are emerging. Independent, private equity-backed groups are building scale in their domestic markets while focusing on mid-market clients. Over time, these platforms are likely to play a role in a wider phase of consolidation across the sector. NextDifferent is now firmly part of that story.
With strong foundations, an experienced management team and a clear growth strategy, the business is well positioned to play a leading role in the evolution of the sector both in Italy and across Europe.
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