NEW YORK: InVentiv Health's acquisition of Chandler Chicco Agency (CCA) for $65 million in cash and stock, will allow CCA to aggressively pursue its own acquisitions, according to cofounder Robert Chandler.
Chandler told PRWeek that there will be no staff cuts as a result of the deal. Rather, it will help the agency expand globally and make acquisitions of other firms internationally, particularly in Europe's largest markets.
"It was more about our global reach than anything," he said. "We have had targets of acquisition for a long time...and it's a very difficult thing to do when you've got fairly narrow pockets as an agency."
CCA will become a wholly owned subsidiary of inVentiv Health. CCA cofounders Chandler and Gianfranco Chicco will continue to lead the business, reporting into William O'Donnell, president and COO of inVentiv Communications.
Blane Walter, president of Inventiv Health, said that the company has been interested in the PR space recently, and saw CCA as a strong fit.
"If you look at the pharmaceuticals and life science sector, public relations is becoming an increasingly important area to build brand awareness and disease awareness," Walter said. "In today's highly regulated environment and with skeptical audiences, PR provides an efficient, credible, and reliable way to build a brand."