Special secures Waterman Capital backing to accelerate global growth

They’ve been behind some of the year’s biggest campaigns, from Uber Eats’ new brand platform to Bonds’ Robert Irwin-led push into the US market. Now, New Zealand-founded creative agency Special is preparing for its next big act: an ambitious new phase of global expansion backed by private equity.

Under a new partnership with New Zealand investment firm Waterman Capital, Special is bringing its international operations under one global ownership structure, reshaping its executive leadership and setting its sights on new markets and capabilities.

Waterman will become a “significant” shareholder alongside Special’s existing partners, although the financial terms and size of the investment have not been disclosed.

The deal gives Special a capital partner with a track record of helping New Zealand businesses expand internationally, while allowing its existing partners to retain operational leadership across the network.

Special founder Tony Bradbourne (pictured) will become global creative chairman, with Cade Heyde and Lindsey Evans appointed global co-CEOs.

The investment will support expansion into new geographic markets, the development of design, public relations and strategic consultancy services, stronger technology capabilities and continued investment in talent.

For Special, which has grown from a single New Zealand office into an eight-office international creative business, the partnership represents a significant step in its evolution from an independent agency network into a more integrated global company.

“Our ambition has always been to build a global creative company that creates work which makes the world sit up and take notice, and delivers extraordinary results for clients,” Bradbourne said.

“This investment gives us more scope to pursue that ambition: to attract exceptional talent, develop new capabilities and bring the power of our ideas to more places around the world.”

An investor with international ambitions

Waterman Capital is an established New Zealand private equity firm specialising in investments in mid-market businesses, typically valued between NZ$50 million and NZ$150 million.

Its investment history includes consumer businesses such as My Food Bag and Mānuka Health, alongside technology, education, healthcare and logistics companies.

The firm has previously backed the international expansion of businesses including Academic Colleges Group, which established operations in Vietnam and Indonesia, and technology services company Fusion5, which developed into a larger trans-Tasman operation during Waterman’s investment period.

Waterman’s investment in Fusion5 was recognised at the 2024 New Zealand Private Capital Awards, where the firm also won Firm of the Year.

The Special deal extends that investment approach into the creative services sector, with Waterman identifying opportunities to expand the agency’s international reach and broaden its commercial offering.

“We have a strong track record of backing exceptional people-led businesses and accelerating their growth,” Jacques Venter, executive director at Waterman Capital, said.

“Special is a well-established global group with world-class talent and strong client relationships. It has significant scope to continue to grow on a global scale.”

Building on creative and commercial success

Special enters the partnership after a period of major international creative recognition and growth through long-standing client relationships. Its relationship with Uber and Uber Eats, approaching a decade, has been central to its expansion, producing campaigns across multiple international markets including the USA.

In Australia, the agency recently launched Uber Eats’ new Phew brand platform, replacing the long-running Get Almost, Almost Anything positioning.

Earlier this month, Special Australia and Uber Eats won the Grand Effie at the Australian Effie Awards, with Special named Effective Agency of the Year. The group has also been recognised across Asia and internationally for its creative chops.

Incoming global CEO's Heyde and Evans said the investment provides an opportunity to build on that creative reputation while expanding the company’s services and geographic reach.

“This partnership gives us the backing to keep pushing forward, creating new opportunities to enter markets, build capabilities, and find further ways to create impact for our clients,” they said in a statement. 

“This isn’t about changing who we are; it’s about backing what has made us successful and allowing us to see just how far we can take it.”

While the new structure introduces greater global coordination, Special says its existing partners will continue to lead their respective businesses with operational autonomy.