Cossette buys PainePR stake

Québec City: Canadian marcoms group Cossette Communications has bought an 80 per cent stake in mid-sized US shop PainePR.

The deal has been structured as an earnout for an undisclosed cash payment with future payments based on PainePR’s performance over the next four years.

PainePR has a gross income of around $9m (£5m) and around 50 employees.

The acquisition follows the firm’s takeover of UK operation Band & Brown Communications last month and brings the number of PR agencies in Cossette’s portfolio to three. Band & Brown and PainePR are to work in collaboration with Cossette’s other PR firm Optimum Public Relations.

Cossette counts Duracell and JP Morgan Chase among its clients.

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