Chime has bought 100% of the company for an initial consideration of £2.6m, comprising of £1.6m, the issue of 188,894 new ordinary shares in Chime, and £0.5m in cash representing working capital of RML at acquisition that is surplus to requirements after joining the group.
The announcement signals Open Health’s second acquisition following the purchase of healthcare advertising agency, Lane Earl Cox, for an undisclosed fee in April.
The former global CEO of Huntsworth Health David Rowley founded Open Health in January in partnership with Chime Communications and is understood to have finalised the deal with Reynold-MacKenzie yesterday.
Shoreditch-based Reynolds-MacKenzie was founded in 2004 by the joint managing director Alison MacKenzie and Eva Reynolds. The agency comprises 16 professionals and boasts UK and European clients such as Pfizer, Roche, MSD and Janssen.
It is understood that there will be no changes to existing services and all contracts will remain in place.
Alison MacKenzie, joint MD, Reynolds-MacKenzie, said: ‘We are a growing and ambitious team and we see, in Open, the ideal partner with whom to take Reynolds-MacKenzie’s business forward to the next stage of fulfilling its potential.’
Open Health is backed by Chime Communications, home to brands such as the UK’s largest PR group Bell Pottinger, and ad agency, VCCP.