Holmes Report 11 May 2014 // 5:50PM GMT
MILAN—SEC Relazioni Pubbliche e Istituzionali, the leading Italian consultancy that last year acquired a majority stake in Brussels public affairs firm Cambre Associates, has acquired a 70 percent stake in Madrid-based ACH & Consejeros De Relaciones Públicas, a boutique corporate communications firm in Spain.
SEC, which employs 150 professionals in its Milan headquarters and offices in Udine, Treviso, Turin, Parma, Rome, Bari and Messina, reported fee income of €13 million last year. ACH derives the majority of its €1.3 million revenue from corporate communications and public affairs work.
Following the agreement, SEC founder Fiorenzo Tagliabue will take on the role of president of ACH. The Spanish firm’s founder, Antonio Hernando Pinilla (who holds 20 percent of the company stock) will remain on the board of the company together with Vicente Beneyto (10 percent stake), who will act as CEO. Maurizio Maione, SEC Group general manager in Rome, will also sit on the board.
According to Tagliabue stated: “This agreement means that we can count on a leading player to enter the Spanish market, which is very close to ours and where some Italian key companies already operate. Furthermore, Spain is a key gateway to Central and Latin America, where many markets are experiencing rapid social and economic development.”