NEW YORK: Financial Dynamics has continued its acquisition strategy in 2006, acquiring 74% of South Africa-based Beachhead Media and Internal Relations.
FD pursued the majority-share purchase, its first foray into Africa, to offer its clients access to the South African market.
Beachhead's BEE (Black Economic Empowerment) Staff Trust will own the remaining 26% of the firm.
"It's a growing and sophisticated market," FD's US CEO Declan Kelly said. "This acquisition enables us to expand immediately."
Nic Bennett, a London-based FD managing director, has joined Beachhead's team of 18 employees in its Johannesburg and Cape Town offices.
Kelly said that there was a lot of opportunity in sectors like minerals, energy, and natural resources.
"We see it as an opportunity to get into the broader African market, not just South Africa," Kelly said. The acquisition "follows our expansion strategy."
FD announced a joint venture with Chinese consultancy Eastwei Relations on January 11.