As revealed on PRWeek.com this Tuesday, the deal is believed to be worth around £5m over three years. No further financial details have been disclosed. Loewy has also acquired Rainier's sister agencies Lighthouse PR and Custard PR.
The deal means Loewy - which made its first foray into PR last year when it bought consumer agency BMA Comms (PRWeek, 17 Nov 2005) - now employs 150 staff. Loewy has a 40-strong tech division servicing clients including FileNet and Computacenter.
Rainier was founded in 1998 by joint MDs Stephen Waddington and Steve Earl. It has offices in London and Cambridge, with clients including NTL Telewest Business and Toshiba.
It was 85th in the latest PRWeek Top 150 Consultancies league (21 April) with a fee income for 2005 of around £1.8m - up 39 per cent on the previous year.
‘This deal will accelerate our growth by giving us instant international capabilities,' said Waddington. ‘We always had an entrepreneurial attitude - but [did not want] a faceless, grey conglomerate that would stifle our creativity and energy.'