Private Equity Firm Manna Tree Acquired Agency Zambezi
Los Angeles-based agency Zambezi will keep its independence while scaling its support for health and wellness brands.
Updated on Oct. 1, 2026 in Advertising
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Private equity firm Manna Tree acquired a majority stake in Los Angeles-based advertising agency Zambezi. The agency will continue to operate as an independent entity under the new ownership structure.
Why it matters
Manna Tree intends to leverage Zambezi's creative expertise to support its portfolio of health and wellness brands. This acquisition integrates specialized marketing capabilities directly into the private equity firm's operations.
Zambezi has operated for 20 years before this majority acquisition. The firm has historically supported brands including the NFL, TaylorMade, ESPN, and Liquid I.V.
The players
Manna Tree
A private equity firm focused on investments in the health and wellness sector.
Zambezi
A Los Angeles-based advertising agency with two decades of experience serving national brands.
Jean Freeman
The co-founder and CEO of Zambezi who oversees the firm's strategic direction.
Laura Stayt
The president of Zambezi responsible for the agency's operational management.
The details
Zambezi will maintain its independent operational status following the transaction, allowing for continuity with its existing client roster. The agency will also begin collaborating with Manna Tree's internal portfolio of brands, shifting its focus toward broader health and wellness marketing initiatives. Manna Tree intends to use the agency's creative resources to scale its existing business investments.
Timeline
October 1, 2026: Manna Tree officially announced the acquisition of Zambezi.
Market Landscape
This acquisition follows the established industry pattern of investment firms acquiring specialized creative agencies to provide in-house marketing support for portfolio brands. It marks a broader shift toward vertical integration where private equity firms control both the product and the creative output.
Agency leaders should monitor whether Manna Tree's involvement limits Zambezi's bandwidth for outside clients in the health and wellness space. For businesses evaluating similar partnerships, ensure that independence clauses are clearly defined to protect operational flexibility.
The takeaway
The move highlights how private equity is increasingly using creative agencies as functional arms to drive value in niche consumer markets. Operators should review their own long-term agency contracts to ensure they remain viable if their creative partners are acquired by competitors or investment firms.
Further reading
For broader trends in agency ownership models, visit Advertising.
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