Independent advertising agency Special has secured a strategic investment from New Zealand-based private equity firm Waterman Capital to accelerate its global expansion and diversify its service offerings. Founded in New Zealand in 2007, Special established its Australian presence in 2014 and now operates eight offices with a workforce of around 340 employees across Australia/New Zealand, Japan, the United States, and the United Kingdom.
The partnership will unify Special’s international operations under a single ownership structure, with Waterman Capital becoming a significant shareholder alongside the agency’s existing partners. Financial terms of the deal were not disclosed. Despite the investment, Special’s leadership will retain equity stakes, operational control, and board representation, maintaining influence over the company’s direction.
Under the new arrangement, Australian partners Cade Heyde and Lindsey Evans will assume roles as global co-chief executives, while New Zealand founder Tony Bradbourne will serve as global creative chairman. Heyde described the investment as a catalyst to fast-track Special’s global growth strategy, with plans to enter at least one new geographic market and introduce a new capability within the next 12 months.
Special has experienced steady growth in recent years, particularly in the US and Australian markets, securing major clients such as Uber, Uber Eats, KFC, Honda, Google, Pepsico, and Virgin Australia. The agency has garnered more than 60 “Agency of the Year” awards globally, including recognition as the world’s most effective independent agency network by the World Advertising Research Centre (WARC) and receiving the Effective Agency of the Year title at the Australian Effie Awards.
The agency’s longstanding partnership with Uber and Uber Eats has been pivotal in expanding its international footprint, enabling it to enter new markets like Japan and the US. Special’s creative work for Uber Eats, featuring high-profile campaigns starring celebrities including Cher, The Wiggles, and members of the Beckham and Kardashian families, continues to be deployed globally. The agency also gained attention for launching Australian brand Bonds in the US with a campaign starring Robert Irwin.
Evans emphasized the importance of aligning with Waterman Capital’s long-term investment approach, noting that the partnership was not focused on short-term cost-cutting or rapid headcount increases. She highlighted the value both organizations place on talent and sustained growth.
Waterman Capital executive director Jacques Venter described the agency as a “compelling investment” with strong potential for further global expansion, citing Special’s combination of creative talent and client relationships.
The deal comes amid ongoing technological disruption and growing industry emphasis on artificial intelligence. Evans framed the investment as an endorsement of creativity’s critical role in commercial success, suggesting it reinforces the relevance and value of creative agencies in an evolving business environment.