Arun Sudhaman 09 Jul 2012 // 11:00PM GMT
LONDON--UK firm Speed has acquired KTB Group, a consumer PR agency focused on sports, health and wellbeing clients.
The deal creates a combined business with a turnover of £4 million, employing more than 45 people. Speed is best-known for its strength in technology, corporate, media and consumer, and the combined entity will feature a client roster that includes Adidas, the Associated Press, Clinton Cards, the Economist, Maxinutrition, Technogym, Tesco, Toshiba and Virgin Media Business.
The cash-and-shares deal follows the acquisition of Speed’s former parent company Loewy Group and a £4.5million fundraising by Writtle Holdings last July.
KTB PR will be merged with Speed’s consumer team. Kate Bosomworth, founder and managing director of KTB PR, will lead Speed’s enlarged consumer team and joins the board of Speed. 12 KTB staffers will join Speed's offices by the end of July.
“Speed has the ambition to be a top 20 UK PR agency by 2015," said Speed MD Stephen Waddington. "A strong consumer offering is a critical cornerstone of this proposition. The acquisition broadens Speed’s existing consumer offer and adds both management and client service credibility. We’ll be considering the merits of further acquisitions over time to help bolster further organic growth."
Co-MD Steve Earl added that the deal would boost growth by adding a strong team to Speed's ranks.