KANSAS CITY, MO: Travel and hospitality marketing firm MMGY Global has acquired Grifco and its sister agency, Ophir PR.
Grifco will be known as Grifco, an MMGY Global Company, while Ophir PR will retain its brand. Grifco MD Claire Griffin will continue to oversee both agencies in addition to serving as a principal at MMGY. Financial terms of the deal were not disclosed.
By acquiring Grifco and Ophir, MMGY is increasing its headcount to more than 400, giving it two offices in London and a footprint in Dubai, Madrid, and Taipei.
"Globally, MMGY as a holding company will be north of $50 million in net revenue, which is close to double what we did in 2016," said MMGY CEO Clayton Reid. "The company is on a steep growth curve. We have very little debt on a ratio basis, good cash flow, and a lot of operating income we can use to invest in other agencies. Our goal is to double again in two more years."
Discussions to acquire Grifco started late last year. MMGY’s push into the U.K. market was driven by increased B2C activity in Europe and the greater role consumers are taking in planning and booking trips, according to Reid.
It is the latest in a string of deals by MMGY since it took on an investment from private equity firms Peninsula Capital Partners and Fine Equity Partners in February 2016. It bought London-based Hills Balfour in March. MMGY’s other acquisitions have included Myriad, Nancy J. Friedman PR, Spring O’Brien, and DK Shifflet & Associates.
"Our acquisition of Hills Balfour was a significant investment [in London], and Grifco gives us the ability to add a young, talented team focused on luxury PR, focused especially on the European market," said Reid.
He added that MMGY is looking to acquire another firm in Europe. The company also wants to enter Latin America and the U.S. West Coast and Midwest markets.
This story was updated on August 8 to correct the number of MMGY post-acquisition offices in London.