NEW YORK: Creston plans to acquire Cooney/Waters, in a $30.8 million deal where the healthcare and PR agency will become part of the Creston Health division. The acquisition also includes Cooney/Water's healthcare advocacy unit, Alembic Health Communications.
With about 50 staff, the firm services clients such as Abbott Fund, Sanofi Pasteur and Coca-Cola. Its revenues for 2009 were $12.3 million.
In a press release, the companies said the acquisition will allow for enhanced capabilities in the US and UK, the needed scale to compete more effectively for larger global briefs in healthcare communications, and increased profile in a consolidating industry where fewer, larger clients require both tailored, local solutions, and global reach from their consultancies.
Lenore Cooney, founder and chairman of Cooney/Waters, will report to Creston CEO Don Elgie.
Cooney called the acquisition in a statement “the next stage of growth for Cooney/Water Groups, enhancing our capabilities and bringing innovation to our clients' brands and organizations both in the US and internationally. This important step builds on our successful two year affiliation with Creston's Red Door Communications and offers strong synergistic and operational benefits both for Cooney/Waters and Creston."
In 2008, Cooney/Waters and Red Door founded the Health Collective Network, a multinational group of 10 specialist consultancies.
Cooney/Waters president Timothy Bird declined to comment for the article.