LONDON—Engine, the U.K.-based communications group that owns public relations and public affairs firm Mandate, has acquired Penrose Financial, one of the leading public relations consultancies specialising in financial services and capital markets communications. The acquisition takes Engine’s annual revenues in PR to over £19 million, enough to rank among the top 10 in the U.K. PR market.
Engine has acquired 100 percent of the share capital of Penrose. The Penrose partners, together with a number of senior personnel at Penrose, will become Engine shareholders as a result of the deal. Penrose becomes part of Engine’s suite of corporate affairs companies, which includes both Mandate and financial communications brand Hogarth.
According to Peter Scott, chairman and joint chief executive of Engine: "Penrose perfectly complements the expertise in Engine’s Hogarth and Mandate businesses and the teams will work very closely together. We have known Penrose for several years and this acquisition adds to Engine’s fast-growing strength and scale in the PR and corporate affairs market.”
Gay Collins, chief executive of Penrose adds: "We see this as an exciting step in Penrose's ongoing development that will enable us to fulfil our ambitions of taking our business to the next stage of growth.... As part of [Engine], we will be able to accelerate our ability to deliver a broader offering. Similarly, our international objectives become more immediately achievable and can be shaped to our clients' specific needs.
“On a day-to-day basis, little will change. All the Partners and staff will have the same roles and we all remain fully committed to Penrose and to developing the business further. We will operate as a business within Engine, working as an integral part of Engine's financial PR consultancy offering, alongside Mandate and Hogarth.”