Home Marketing Photon Group buys Frank PR firm for $18.5m

Photon Group buys Frank PR firm for $18.5m

Marketing services company Photon Group has acquired 100 per cent of independent UK public relations consultancy, Frank Public Relations Limited (Frank PR). Photon said on Friday the purchase price comprised an up front payment in cash and loan notes of $A18.5 million plus unspecified deferred payments tied to performance targets. Frank PR is a consumer public relations company named Marketing Magazine's PR Agency of the Year in 2005 and 2006, the only public relations agency to receive the award twice. Its clients include a roster of blue-chip companies in areas such as leisure, fashion, lifestyle, consumer technology and personal finance. Photon executive chairman, Tim Hughes said the acquisition was "an excellent launch pad for an entry into the UK's rapidly expanding specialised communications market". "This is our third acquisition in the UK where we continue to look for opportunities," he said. "The strategy in the UK is to build a market position in the lower risk, high margin and well managed businesses focusing on the research, public relations and field marketing sectors," Mr Hughes added. Photon CEO Matt Bailey said Frank PR is known for its creative energy but it is also results-driven. The company, which has an excellent line up of retainer and project-based clients, has a strong track record of revenue and earnings growth. Frank PR Chairman and founder, Graham Goodkind said Photon is a fast-growing young company like ourselves and we feel they are the right partner to expand the business further. The acquisition was expected to be accretive to Photon's earnings per share over the next 12 months, Photon said.

 

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