NEW YORK: Ogilvy PR Worldwide has continued its acquisition spree,
buying Massachusetts-based Feinstein Kean Partners - a healthcare and
biotech agency with annual fees in excess of pounds 5 million.
Although financial details were not officially disclosed, the deal is
understood to include between pounds 7 million and pounds 9 million in
cash and/or WPP stock changing hands. The deal follows Ogilvy’s purchase
of pounds 7.5 million Hollywood entertainment shop Baker Winokur Ryder
PR last month (PR Week, 29 October).
Feinstein Kean Partners, which is changing its name to Feinstein Kean
Healthcare (FKH), and consulting unit Kendall Strategies will maintain
their own brands.
’Feinstein Kean gives us a great opportunity to expand our work in the
healthcare arena into biotech,’ said Ogilvy CEO Bob Seltzer. He added
that the move provides FKH with the opportunity to add services such as
public affairs support, which he said is important for issues-driven
biotech clients.
FKH founder and CEO Peter Feinstein added that the deal, which had been
discussed over a six-month period, provides his agency with the global
reach that he believes is necessary to keep up with the pace of the
healthcare industry.
With combined US healthcare income of pounds 16.4 million, the newly
merged firm would merit second place in the PR Week, US healthcare
practice rankings.
No layoffs are expected as a result of the merger. Although Seltzer has
said he would like FKH’s Massachusetts office and Ogilvy’s Boston office
to be housed under one roof, no time frame has been set for such a move.
