NEW YORK: True North Communications, which owns PR agency BSMG
Worldwide, has acquired investor relations agency Financial Relations
Board (FRB) in a pounds 19.8 million deal. The deal has made BSMG the
sixth largest PR firm in the world.
The group will have a combined fee income of pounds 71.9 million, with
900 staff and 21 offices. FRB will operate as a separate brand within
FRB is currently the third biggest independent firm and 16th largest
overall in the US, according to Jack O’Dwyers annual league table.
BSMG gains an account list which is 90 per cent retainer-based. This
builds on its own, deal-focused investor relations business. FRB, which
has been growing organically within the US at 25 per cent a year for the
past decade, gains the financial muscle to expand internationally.
BSMG has six offices outside the US.
’If anyone is going to build an international investor relations
network, it should be us,’ said FRB founder and chairman, Ted Pincus.
’We developed the industry: It’s our destiny. But we didn’t have the
Pincus will stay on for at least five years as chairman and CEO,
reporting to BSMG chairman Harris Diamond. Pincus is already targeting
possible financial PR agency acquisitions in Europe and Asia, as well as
None of FRB’s six offices will close, although all overlap with
All FRB staff are to keep their jobs.
BSMG and FRB claim to have no client conflicts. BSMG’s recent clients
include RJR Nabisco, Long John Silver’s Restaurants, and hi-tech company
Inacom. FRB has over 500 clients, including haircare giant Alberto