LLYC said China will "operate independently" after the acquisition, and still be led by founders Marta Aguirrezabal, Rafa Antón, and Pedro Calderón. The agencies will work together, however.
José Antonio Llorente, founding partner and chairman of LLYC, said: “We are strengthening our offer to clients with China in line with a market demand that is increasingly more focused on service and solution integration, combining strategic vision, creativity, and a smart use of technology."
Calderón said: “Both LLYC and China have been doing serious, constant, and consistent work for some time now on transforming realities for the brands and businesses of our clients. By joining forces and talents now, we are sure this will enable us to enhance and strengthen our teams and the work we do. This is a new era that China is looking forward to with great excitement and passion, and with a view to doing more unequaled work of a wider scope”.
It's the latest in a series of acquisitions for LLYC, which plans to double in size over the next five years to reach an annual turnover of €100m. Before the China deal, it had acquired seven agencies since 2015, most recently snapping up Spanish agency Apache in 2021.
The announcement comes days after LLYC made its debut on BME Growth, the Spanish stock market, on 22 July. Shares in the firm started trading at €9.39 each, giving it an opening value of €109m.
LLYC has a global workforce of around 600 across 13 offices in Iberia and the Americas, including three in the US. Its client list includes Aldi, Bayer, FC Barcelona, Mercedes Benz, and Netflix.