Market research consultancies SPA and Future Thinking, formerly known as The Oxford Research Agency (TORA), announced today that their businesses have merged.

The newly formed agency will boast a £13m+ turnover and an international network of offices in London, Paris, New York and Oxford. It will rank as one of the UK’s top market research agencies with a headcount of over 100.

As part of the integration process, a single company brand will be developed with a new management board made up of SPA and Future Thinking personnel. The new combined entity will be run by Jon Priest as Group CEO. 

The merger makes the most of SPA and Future Thinking’s complementary areas of expertise. For example, for FMCG clients – Future Thinking specialises in pre-launch research (e.g. new product development and simulated test market research and forecasting), while SPA specialises in post launch research (e.g. brand and advertising tracking, sponsorship research and broader qualitative brand/category studies). There are also opportunities for dual skills to be utilised in customer satisfaction studies and the media industry.

The deal has been funded by growth capital private equity investor Next Wave Partners, which already has a 60% holding in Future Thinking.  Each agency will have a 20% shareholding in the combined business, with the rest held by Next Wave Partners. SPA was advised on the transaction by Green Square Partners.

Jon Priest explains: “SPA and Future Thinking have highly complementary offerings.  By coming together we have the opportunity to create a true market research powerhouse, providing clients with a broader range of services and superb career opportunities for our people both in the UK and overseas. Chris Sinclair, CEO of Future Thinking, will be leaving to pursue new interests and the group wishes him well in the future. The rest of the senior management team at SPA and Future Thinking remain in place to help drive the new entity forward. ”

Jonathan Brod, partner at Next Wave Partners, adds: “Next Wave is delighted to be increasing our investment in the market research industry through the purchase of SPA and its merger with our existing portfolio company, Future Thinking, previously known as The Oxford Research Agency (TORA).

“Future Thinking and SPA are highly complementary businesses. Both are exceptionally well regarded with unparalleled client rosters in their respective sectors of FMCG, media and customer experience.  We look forward to sharing best practice between both companies and working with the team to grow their combined presence in their vibrant, global markets.

“The merged group will benefit from a substantial market presence in the UK and have greater resources to provide exceptional levels of client service internationally.”