NEW YORK: Ogilvy continued its buying spree last week with the acquisition of Cambridge, MA-based Feinstein Kean Partners, a healthcare and biotech agency with annual billings in excess of dollars 9 million.
NEW YORK: Ogilvy continued its buying spree last week with the
acquisition of Cambridge, MA-based Feinstein Kean Partners, a healthcare
and biotech agency with annual billings in excess of dollars 9
million.
While terms of the deal were not disclosed, sources said dollars 12-15
million in cash and/or WPP stock changed hands. The purchase follows
Ogilvy’s acquisition of dollars 8 million Hollywood entertainment shop
Baker/ Winokur/Ryder last month (PRWeek, Oct. 25).
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 was in
the works for six months, 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 dollars 26.2 million, the newly
merged firm would have ranked second in the PRWeek healthcare practice
rankings (PRWeek, June 28).
No layoffs are expected as a result of the merger. While Seltzer said he
would like FKH’s Cambridge office and Ogilvy’s Boston office to be
housed under one roof, no timeframe has been set for such a move.
