The group will buy communications company Mantra PR, bringing its total headcount to 350 and turnover to £47 million.
The acquisitions were made possible by funding of £12 million from media-focused private equity firm Veronis Suhler Stevenson (VSS), which Loewy announced last week. Following the funding, VSS will receive a seat on Loewy’s board.
Charlie Holt, Loewy’s CEO, comments on the latest acquisition: ‘By bringing Mantra into the group we will be able to harvest the plan for synergies and horizontal integration that our “buy and build” strategy is designed to deliver.’
Mantra’s co-founder and joint managing director Debbie Wosskow says: ‘The deal works well for us. We are at a stage where we want to develop our business reach without compromising what we do. Joining the Loewy family will give us [that] freedom.’
Founded in 2000, Mantra PR’s clients include The Financial Times, media group Emap, and ITV. Following the acquisition, its team of 30 will remain at their offices on central London’s Tottenham Court Road.
Loewy was founded in 1929 by industrial designer Raymond Loewy. Since CEO Charlie Holt orchestrated a management buy-in three years ago, Loewy has pursued an acquisitive strategy, buying design specialist Williams Murray Hamm, communications consultancy Bite, and technology-focused Rainier PR.