French marketing conglomerate Havas has acquired New York-based PR agency Formula with an eye on boosting its North American reach alongside Havas PR.
 Olguin |
Formula, with more than 100 staffers and outposts in Los Angeles and San Diego, posted revenues topping $13M last year. It also handles Latino (Formulatin) and experiential marketing (Formula Street), alongside its communications and PR core.
Formula president and founder Michael Olguin called the decision to sell the "natural evolution of our growth strategy" and a "game changer" as he looks to grow the mid-sized firm to the next tier. He set up Formula in 1992 after serving as GM for Los Angeles firm Cooper Communications and a stint as PR director for gym chain Sporting Clubs of America in the late 1980s.
Yannick Bollore, chairman and CEO of Havas, praised Formula's client roster, singling out its consumer and lifestyle work as a "perfect fit" for the Paris-based group.
Formula clients include Wyndham Hotel Group, Shure headphones, JDate and Tecate, among others.
The firm will reside in Havas' Creative Group with agencies like Havas PR, Havas Luxe and Havas Edge.
Havas also owns Abernathy MacGregor Group.
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While PR pros stationed at in-house comms. teams and those working for agencies share many of the same objectives, they also have markedly different top priorities, according to a recent report.
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