MOUNTAIN VIEW, CA: A company formed by former Procter & Gamble executives is buying more than a dozen marketing and communications agencies from Chinese holding company Blue Focus Intelligent Communications Group to form a new holding company.
Legacy Acquisitions is purchasing the assets from Blue Focus and renaming itself Blue Impact. Edwin Rigaud, a former P&G employee for 36 years, is CEO of Legacy, and Darryl McCall, 29-year Procter & Gamble veteran, is COO.
Blue Impact, based in Mountain View, California, will hold more than a dozen agencies, including Canada-based Vision 7, which in turn holds agencies including The Camps Collective, Citizen Relations (with The Colony Project), Cossette Communications, Eleven, Gene Global, K72, Narrative Group and Vision7 Media, which brings along Cossette Media, Impact Research and Jungle & Magnet.
It will also own U.K.-based social creative agency We Are Social; San Francisco-headquartered product design agency Fuseproject; Hong Kong-based marketing agency Metta; and Shanghai-headquartered Madhouse, a mobile-focused paid media shop.
For those agencies, Blue Focus will receive 30 million shares of Legacy’s Class A common stock, and Legacy will assume $40 million of Blue Focus’ related net debt as well as $48 million of deferred acquisition purchase price obligations. Up to $222 million may be payable in the form of an incentive-based earn-out tied to average profit growth of the Madhouse business.
Brett Marchand, CEO of Vision7, will become chief executive of Blue Impact, and Holly Zheng, Blue Focus board director and president of its international business, will become chair of Blue Impact’s board.