Private equity Manna Tree announced today that it has acquired a majority stake in 20-year-old Los Angeles-based ad agency Zambezi.  Terms were not disclosed. 

The firm said that Zambezi will continue to operate independently, serving its existing client base and pursuing new business, while also working with brands that Manna Tree owns or has invested in.  

The agency’s current management team, including co-founder and CEO Jean Freeman and president Laura Stayt, will continue in their roles.  

Manna Tree portfolio companies include Good Culture, Gotham Greens, Generous Brands, New Primal, Plant People, Verde Farms, and others. The brands will have access to Zambezi's full suite of services including brand strategy, creative development, media, production through FIN Studios, and sports and culture partnerships. 

"We are not just investing in a growing creative agency,” said Ross Iverson, co-founder and managing partner of Manna Tree.  “We are investing in the future of our firm and our ability to support the next generation of category-defining health and wellness brands... The Zambezi team brings world-class expertise in storytelling, consumer engagement and brand building that will strengthen how we help companies grow." 

Zambezi has worked with firms including Liquid I.V., NFL, TaylorMade, and ESPN.