Wellness investor Manna Tree takes majority stake in LA agency Zambezi

Manna Tree, the private equity firm focused on consumer health and wellness, has taken a majority stake in Zambezi, the Los Angeles creative agency led by co-founder and CEO Jean Freeman and president Laura Stayt. Terms were not disclosed.

Zambezi is a women-owned independent celebrating its 20th year in 2026, with headquarters in Los Angeles and an office in Minneapolis. It covers brand strategy, creative, media and production, and sports and cultural partnerships, for clients including TaylorMade, LPL Financial, Club Pilates, Traeger Grills, UKG, the NFL, ESPN, Under Armour and Atlantis Bahamas. It was named Ad Age's 2026 Small Agency of the Year and Adweek's Breakthrough Media Agency of the Year, and has made the Inc. 5000 eight times.

Manna Tree was founded in 2018 by managing partners Ross Iverson and Ellie Rubenstein and has backed 15 companies, including Health-Ade, Vital Farms, Good Culture and Gotham Greens.

Freeman and Stayt stay in their roles, and Zambezi keeps its name, its headquarters and its independence to win new clients. DLA Piper advised Manna Tree. Jones Spross and Pharus advised Zambezi.

Why this deal makes sense

This is a different kind of buyer. Manna Tree does not own other agencies. It owns a portfolio of fast-growing health and wellness brands, and it already supports them with help on talent, supply chain and finance. Zambezi adds marketing to that list.

That gives Zambezi a built-in pipeline of new clients across the portfolio, while it keeps serving its existing roster. Rubenstein pointed to Zambezi's sports work for the NFL, TaylorMade and ESPN as a route for wellness brands to reach consumers through sport, a space where health, fitness and culture increasingly overlap.

Freeman's view is that brands now have to earn a place in culture. "Today's consumers expect brands to participate in culture, not simply market to them," she said.

What founders can learn from this

Agency buyers are not just holdcos and other agencies any more. Private equity firms with consumer portfolios are starting to see a strong creative agency as a way to add value across every business they own. For the right agency, that means new clients on day one.

Zambezi also shows what makes an agency attractive to that kind of investor: twenty years of independence, a leadership team that stays, a recognisable client list and a stack of industry awards. Those are signs of a business that will keep growing under new ownership, which is exactly what a financial buyer is paying for.

Curious which buyers would value your agency most? Talk to Agencies.co.

Sources: Manna Tree via PR Newswire, MediaPost, citybiz