LONDON—Brunswick, one of the leading corporate and financial communications firms in the U.K. and a growing force in the U.S., has become a limited liability partnership, with founder Alan Parker reducing his stake from just over 80 percent to slightly more than 50 percent and distributing the difference among more than 40 partners, including eight in the U.S.
The move is widely seen as a way to retain senior counseling talent and to entice additional talent to the firm, which British newspapers estimate to be worth around £200m. Brunswick denied the move was related to the departure of some senior executives in London, including Andrew Grant, who recently took a senior position with rival Tulchan.
“We have looked at this for a long time and it is the best thing for the business. It gives the partners access to a pool of equity,” Parker told British media. There will be 44 partners in all, including Parker and two other founders, Andrew Fenwick and Louise Charlton, who had previously held about 17 percent of the company.
Legislation allowing the creation of limited partnerships was passed in 2000 and LLPs came into existence in 2001. Since then, the structure has been adopted by several auditing and legal firms in the City of London. Brunswick will now be based, for legal purposes, in Delaware.
The firm recently worked for Cingular, which beat out Vodafone to acquire AT&T Wireless; for the Barclay brothers in their effort to win control of Hollinger; and for European pharmaceutical giant Sanofi as it bids for Aventis. The firm was also ranked second only to Kekst & Company in terms of the dollar value of U.S. deals it handled by British publication Mergermarket.