It is believed that Mantra’s owners, Debbie Wosskow and Lawrence Dore, negotiated a better deal than Rainier PR did last year (PRWeek, 27 October). Loewy is thought to have paid £5m over three years for Rainier.
Mantra is Loewy’s third PR acquisition – its first being BMA Communications in 2005. Loewy estimates its PR division, with a £9.2m fee income, would now make the top 15 of PRWeek’s Top 150 UK Consultancies table.
Loewy CEO Charlie Hoult said he would be making further PR acquisitions; his bid targets comprise agencies that, like Mantra, employ at least 30 staff. Hoult also intends to float Loewy.
All of Mantra’s staff have become Loewy shareholders. A decision has yet to be made about whether to keep the Mantra name. Clients include the Financial Times and The Economist.
Loewy, which began as a design agency, funded the Mantra deal using some of the £12m private-equity funding from Veronis Suhler Stevenson.