PwC Corporate Finance advises 2Heads on its sale to global exhibition and experiential agency GES, a portfolio company of Truelink Capital
December 2025
PwC Corporate Finance is pleased to announce the successful sale of 2Heads to Spiro®, the global experiential agency within GES, a Truelink Capital portfolio company. The acquisition combines creative innovation, deep experiential expertise, and global scale to deliver next-generation experiential solutions for brands worldwide.
Founded in London, with locations in Los Angeles and Montreal, 2Heads has built a diverse portfolio across aerospace, technology, financial services, and consumer brands. The agency is known for immersive event experiences, design-driven storytelling, and strategic brand activations. From gala launches to groundbreaking tech activations, clever design to inventive content, 2Heads' team of strategists, creatives, builders, inventors, logisticians, producers and technologists work together to help the greatest brands in the world engage their customers more effectively.
PwC acted as lead financial adviser to the shareholders of 2Heads, providing Corporate Finance, Data Insights & Analysis, Tax and Valuation advisory services. The transaction reinforces PwC’s position as one of the leading financial advisors in the marketing and professional advisory space.
The cross-border PwC Corporate Finance team advising on the deal included Coolin Desai, Ben Francis, Mansoor Akber Dars, Jeremy Anderson, Jimmy Yasuki, Lance Munger, Skylar Robinson.
The PwC Data Insights & Analytics team advising on the deal included Dan Stott, Nazia Khalfey and Michael Evans.
The PwC Tax team advising on the deal included Dan Packwood, Conor Carson, Scott Clarke.
The PwC Valuation team advising on the deal included Rebecca Elnaugh, Jonny Rodwell and Luke Parr.
Pepe Parra, Chairman at 2Heads said:
“PwC has been an exceptional partner throughout this process. Their deep understanding of our business, combined with their ability to navigate complex discussions with clarity and confidence, made a real difference. The team provided thoughtful, pragmatic advice at every stage and ensured we secured the right outcome for 2Heads. I’m incredibly grateful for their dedication and unwavering support.”
Paul Godwin, Managing Director at 2Heads said:
“We’re incredibly grateful to the team at PwC for their support in the sale of 2Heads to Spiro. They guided both management and shareholders through every stage of the process, and ultimately helped us find the right partner. Importantly, PwC gave us insight into our own agency that did not just benefit us through this process, but will continue to help us as we move forward. Their advice, mentoring and unwavering dedication were outstanding, and we couldn’t have asked for a better team by our side.”
Coolin Desai, Deal Lead at PwC said:
“We are delighted to have supported the shareholders of 2Heads on this transaction. Working with such a creative and entrepreneurial team has been a real pleasure. This alliance with Spiro provides the scale and global platform that will allow the combined organization to build on its strengths and accelerate its next stage of growth. We are confident that under its new ownership, the business is well positioned to continue delivering innovative, high-impact experiences for its clients.”
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