M&A Zing (S2EP15) - Brilliant Alone, Louder Together: Tonia Nagle on Agency Roll-Ups & No-PG Deals
Season 2, Episode 15, Oct 16, 01:23 PM
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Board advisor and acquirer Tonia Nagle shares how to buy and build creative agencies without killing their culture. We cover no-PG deal structures, keeping founders engaged, leadership teams that scale, and her GROWTH framework. Plus a smart AI product turning car listings into studio-quality assets. Practical, candid, and very usable.
Tonia Nagle has sat on both sides of the table: scaling at P&G and leading transformations across FMCG, telecoms and agencies. Now she’s buying and building a collaborative group where independent cultures thrive. This episode goes deep on roll-ups done right, no-personal-guarantee structures, and operator playbooks that actually scale.
In this episode, you’ll learn:
How to filter 26,000 UK agencies for true scale potential and collaboration
The deal stack Tonia uses (no PGs), including earn-in and convertible loan notes
Post-merger integration that preserves identity yet shares services where it counts
The GROWTH framework: Get Right fit, Restructure capital, Observe & Orient, Win hearts & minds, Transform systems, Harvest value
Why leadership pods, outcome-based delegation, and KPI cadences unlock consistency
How The Whole Caboodle’s AI product creates studio-grade car imagery and explainer video at scale
Timestamps ⏱️
[00:13] Welcome to The M&A Zing
[00:57] Tonia’s “squiggly” career and ETA spark
[02:49] From Lloyd’s + music startup to P&G
[04:42] The “build better” mindset across sectors
[06:36] Why buy over build (family, rowing, energy)
[07:57] Shareholder not employee: choosing ETA
[09:59] Post-deal reality: stepping in as acting MD
[12:06] Indie Rock Group thesis: brilliant alone, louder together
[13:07] 26k UK agencies: filtering for scale and collaboration
[15:43] Breaking glass ceilings: leadership teams, outcomes not tasks
[18:52] Client quality and keeping relationships after founder exit
[20:56] Deal structuring with no bank debt or PGs
[22:19] WBO, earn-in and 3-year convertible loan note
[25:03] Keeping founders engaged: salary, CLN interest, 12% equity
[27:04] PMI without killing culture or identity
[29:54] Shared services that help (HR, finance, marketing pods)
[32:28] Decide origin story and Roger Hargreaves link
[34:31] Owner mindsets in 2025: more options, better planning
[36:46] Beyond “roll up the numbers”: real differentiation
[38:55] The GROWTH framework, step by step
[42:58] Biggest challenge: consistent buy-in and cadence
[46:36] The one hire: pairing CEO with a strategic CFO
[48:30] AI tailwinds: car imagery & explainer video product
[50:55] 12-month targets: 4 companies, ~£16–20m revenue
[52:29] How to reach Tonia (LinkedIn)
[53:10] Close and sign-off
Connect with the guest:
Tonia Nagle (LinkedIn)
/ tonianagle
Decide - strategic brand activation (Newcastle/Leeds)
https://www.wearedecide.com/2
The Whole Caboodle - automotive digital specialists (Harrogate)
https://www.thewholecaboodle.com/
💬 Join the conversation on LinkedIn with #MAZing
💻 Find your own deals with BizCrunch www.bizcrunch.co
#MandA #SearchFunds #SME #BizCrunch #AgencyRollUp #ETA
In this episode, you’ll learn:
How to filter 26,000 UK agencies for true scale potential and collaboration
The deal stack Tonia uses (no PGs), including earn-in and convertible loan notes
Post-merger integration that preserves identity yet shares services where it counts
The GROWTH framework: Get Right fit, Restructure capital, Observe & Orient, Win hearts & minds, Transform systems, Harvest value
Why leadership pods, outcome-based delegation, and KPI cadences unlock consistency
How The Whole Caboodle’s AI product creates studio-grade car imagery and explainer video at scale
Timestamps ⏱️
[00:13] Welcome to The M&A Zing
[00:57] Tonia’s “squiggly” career and ETA spark
[02:49] From Lloyd’s + music startup to P&G
[04:42] The “build better” mindset across sectors
[06:36] Why buy over build (family, rowing, energy)
[07:57] Shareholder not employee: choosing ETA
[09:59] Post-deal reality: stepping in as acting MD
[12:06] Indie Rock Group thesis: brilliant alone, louder together
[13:07] 26k UK agencies: filtering for scale and collaboration
[15:43] Breaking glass ceilings: leadership teams, outcomes not tasks
[18:52] Client quality and keeping relationships after founder exit
[20:56] Deal structuring with no bank debt or PGs
[22:19] WBO, earn-in and 3-year convertible loan note
[25:03] Keeping founders engaged: salary, CLN interest, 12% equity
[27:04] PMI without killing culture or identity
[29:54] Shared services that help (HR, finance, marketing pods)
[32:28] Decide origin story and Roger Hargreaves link
[34:31] Owner mindsets in 2025: more options, better planning
[36:46] Beyond “roll up the numbers”: real differentiation
[38:55] The GROWTH framework, step by step
[42:58] Biggest challenge: consistent buy-in and cadence
[46:36] The one hire: pairing CEO with a strategic CFO
[48:30] AI tailwinds: car imagery & explainer video product
[50:55] 12-month targets: 4 companies, ~£16–20m revenue
[52:29] How to reach Tonia (LinkedIn)
[53:10] Close and sign-off
Connect with the guest:
Tonia Nagle (LinkedIn)
/ tonianagle
Decide - strategic brand activation (Newcastle/Leeds)
https://www.wearedecide.com/2
The Whole Caboodle - automotive digital specialists (Harrogate)
https://www.thewholecaboodle.com/
💬 Join the conversation on LinkedIn with #MAZing
💻 Find your own deals with BizCrunch www.bizcrunch.co
#MandA #SearchFunds #SME #BizCrunch #AgencyRollUp #ETA