Source: Philadelphia Business Journal Kenneth Hilario
The world’s largest marketing communications services group has acquired a Philadelphia-region health care media agency.
London-based WPP — which has revenues of $19 billion, making it the top marketing group in the world by revenue — has acquired King of Prussia, Pa.-based CMI, one of the largest health care media agencies in the country.
Founded in 1989, CMI is based in King of Prussia and has offices in New York, Philadelphia and Pennsauken, N.J. The company has 210 employees.
Financials of the deal were not disclosed.
There will be no major structure changes in employees and management, according to CMI CEO Stan Woodland. No employees will be lost.
As part of the acquisition, CMI will become part of GroupH, the parent company for WPP’s (NASDAQ: WPPGY) health care specialist companies. WPP’s Ogilvy CommonHealth Medical Media will become part of CMI, adding offices in Parsippany, N.J. and Chapel Hill, N.C.
“In the healthcare market where opportunities abound and we have, at WPP, wide-ranging capabilities and client relationships, CMI brings something very different and very significant,” said John Zweig, chairman, healthcare and specialist communications who oversees Group H at WPP.
“We were incredibly impressed by the performance of this organization,” Zweig said. “CMI’s clients view them as indispensable and that is reflected in their growth and employee tenure.”
CMI’s clients include 10 of the top 20 pharmaceutical advertisers in the United States; the company represents 340 brands among 51 clients, according to WPP. Its unaudited revenues were about $38 million as of December 2015.
In the United States, WPP companies generate revenues of almost $7 billion, employing about 25,000 people.
This the third acquisition and deal this month for local media agencies.
Earlier this month, New York-based private equity firm Searchlight Capital Partners bought a majority stake in Philadelphia’s 160over90. Less than three weeks later, Wilmington, Del.-based ab+c Creative Intelligence acquired Bala Cynwyd, Pa.-based Davis Advertising Inc.