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Svoboda Capital Partners Announces Partnership with The Variable

Svoboda Capital Partners Announces Partnership with The Variable

Chicago, IL – September 1, 2021 – Svoboda Capital Partners LLC (“SC”), is pleased to announce the recapitalization of TVA2, LLC (“The Variable” “TVA” or the “Company”). Specific terms of the transaction were not disclosed.

Based in Winston-Salem, NC, The Variable operates as an end-to-end digital advertising agency and innovation consultancy. TVA’s capability set is comprehensive and includes brand and business strategy, in-house creative and content creation, social, production, media planning / buying, as well as measurement & optimization throughout the course of advertising campaigns. The Variable offers a turnkey service to its valued clients and prides itself on differentiating from other agencies by leading with ‘The Thinking of an innovation consultancy’ before it then turns its focus toward ‘The Doing of an advertising agency’: invent the solution, then advertise it. This approach has resulted in nationally recognized awards and achievements, including 3x AdAge Small Agency of The Year Winner; 2x Fast Company Best Workplaces for Innovators; Forbes America’s Best Startup Employers; and, most recently, Adweek’s Fastest Growing Agencies.

President & CEO David Mullen, Chief Creative Officer/Co-Founder Joe Parrish, and Chairman/Co-Founder Keith Vest, oversee the organization alongside multiple additional leadership team members.

“Since inception, we’ve been able to foster this incredible culture of innovation, business acumen, creativity and teamwork that leads to better business outcomes for our clients and deeper relationships for us across our clients’ organizations,” said Mullen. “SC has deep experience and prior success partnering with agencies, and we share values on the things that matter most – caring for our people, caring for the work and making business decisions based on what’s best for The Variable over the long term – all of which was evident at the outset and remains exciting as we embark on our next phase of growth together.”

“Breakthrough strategy and creativity are two of the last unfair advantages businesses can have on their side today, and we’ve built a model and team that wield both to develop advertising that drives growth for today and innovation that designs growth for tomorrow,” said Parrish. “Svoboda’s investment and partnership will help us achieve our ambitious vision and expand our talented team and capabilities to drive bigger growth for clients in the coming years.”

SC Principal, Ryan Kantor, and Vice President, Will King, added, “Over the past ten years, The Variable has assembled a highly talented, ambitious employee base that remains resolute in delivering compelling value to clients and becoming a ‘trusted advisor’. Our partnership with TVA demonstrates our firm’s focus on investing in and supporting great professional services companies. We look forward to promoting TVA’s continued growth and innovation, while preserving the winning culture that underpins the impressive awards and accolades attained to date.”

For more information on The Variable, please visit

GP Bullhound served as TVA’s financial advisor and investment banker for this transaction. Davis & Gilbert served as the legal advisors to TVA. HMB Legal Counsel served as the legal advisors to SC.

About Svoboda Capital Partners LLC
Svoboda Capital Partners LLC is a Chicago-based private equity firm with over $400 million of capital under management. Founded in 1998, SC identifies, invests in, and helps build excellent businesses in its targeted business niches: business services and value-added distribution. SC typically makes investments of $10 to $20 million per company in partnership with management teams.