BOCA RATON, FL: The Radiate Group, an international network of specialist agencies that operates under Omnicom's Diversified Agency Services (DAS) operating group, has acquired Harrison & Shriftman (H&S), a New York-based publicity shop specializing in fashion, lifestyle, film, publishing, and entertainment.
H&S, which also has offices in Los Angeles and Miami, will remain intact, with Elizabeth Harrison and Lara Shriftman remaining co-presidents.
"The reason why we did this deal is that [Radiate Group and Omnicom] told us that they would give us autonomy," said Harrison. "Nothing outwardly is changing. They are giving us the chance to build our agency the way that we have been all along."
From 2000 to 2002, H&S grew 488% and was included in Inc magazine's Inc 500, which chronicles the fastest-growing private companies in the country.
"H&S' outstanding reputation and unparalleled expertise strengthens the Radiate Group's capabilities to serve clients globally," said Steve Groth, president of the Radiate Group, in a prepared statement.
Harrison reciprocated with enthusiasm for her firm's newly increased resources. "We didn't need to sell our agency, but we understood that there was great potential in being a part of a publicly traded company."
In turn, Harrison said the agency will lend luxury-market expertise to other services offered by the Radiate Group. "We bring certain entertainment contacts and celebrity affiliation. I think it's something that they're excited about," she said.
Omnicom spokesperson Pat Sloan called the company's near-simultaneous acquisitions of H&S and FischerHealthcare coincidental. However, the company announced at its third-quarter earnings conference that the firm expects acquisitions to be up in the fourth quarter.