The education and central government specialist, ranked the fastest growing agency in this year’s PRWeek Top 150, is now the third PR acquisition by Tribal in the last year.
It joins a communications group that already includes local government specialist Marina Pirotta Communications, acquired in June (PRWeek, 11 June), and healthcare specialist Atlas PR, which joined last year (PRWeek, 4 October 2001).
Tribal CEO Henry Pitman said further PR acquisitions are set to follow, although that was not likely to be until the next financial year.
He said: ‘We’ve now covered our three major markets and anything else will be bolt-ons, whether through integration or alongside our other agencies.’
‘The public sector has not been affected by the global downturn, and there are tremendous growth prospects.’
The deal with Geronimo involves a total consideration of up to £13.6m. The initial deal involves around £6m in cash plus shares. This will go to the agency’s investors, a group of around five individuals that includes MD Karen Harris.
Pitman and Tribal director Peter Martin will join Geronimo’s board, but Harris, who will continue to head the agency, stressed the agency will retain its separate brand identity.
Harris said the move means extra investment in staff and will increase the company’s bidding potential.