The Communique Group has purchased Promanad Communications in a deal expected to be completed next month.
The two Toronto agencies will be merged, with Promanad joining Communique in its offices mid-summer.
Ted Matthews, president of Promanad, will become executive vice-president of The Communique Group.
Communique has been scouting for possible merger opportunities in both Canada and the u.s. for about a year.
Geoff Genovese, president and ceo of Communique, says he had been discussing a merger with another Toronto agency for quite some time, but when that fell through, he approached Promanad. He says the two agencies had just the right fit: ‘There are no client conflicts and no staff redundancies at all,’ adding, ‘If anything, the new agency will need more staff.’
In addition to bringing new talent to existing departments, Genovese says the acquisition of Promanad gives Communique a first-class public relations department headed by Shelley Pringle, as well as a new design division called Fusion.
Genovese says Communique is also close to making a deal to purchase a u.s. agency, a search which is being handled by AdMedia Partners of New York.
The Communique Group is wholly owned by Envoy Communications Group, which is publicly traded on the Toronto Stock Exchange. Promanad is independently owned.
The new agency will have combined sales of approximately $56 million and annual revenues of $17 million.
The combined client roster includes the Canadian Olympic Association (a recent account win for Communique), A&W Food Service Canada, Benjamin Moore Paints, Bridgestone/Firestone Canada, Budget Rent A Car Toronto, Honda Power Equipment, Japan Camera Centre, the Liquor Control Board of Ontario, Microsoft Canada, Toshiba Canada, the Toronto Transit Commission, and United Distillers and Vintners.
