According to Granfield executive chairman and founder Charles Cook, the move will lead to partnership work with Global Consulting Group, the IR specialist agency that Huntsworth acquired last year (PRWeek, 25 October 2002).
He said Grandfield’s links across Europe and Global’s links in the US would benefit both firms, adding: ‘We were looking for an inward investment. This is going to make a real contribution to the firm.’
Cook added that as part of the deal, Global head Richard Wollf joins the Grandfield board as a non-executive director, but stressed there were no plans to integrate the firms further.
The stake was acquired from four shareholders, including former Grandfield chief executive Nick Boakes.
Boakes, who left earlier this year to join Friends Provident as its group communications director (PRWeek, 21 May), is understood to have owned the bulk of the stake.
The deal was formally announced at Huntsworth’s AGM this week. A statement from chairman Jon Foulds said: ‘The acquisition of this stake will further strengthen Huntsworth’s links to the London financial markets and will enable both companies to benefit from each other’s client relationships and other resources.’