Floundering agency group Cordiant Communications has sold the Ann Arbor, Michigan, office of Fitch Worldwide to the shop’s management.

Fitch executives have acquired the agency’s assets and renamed it re:group. The shop employs twenty staffers and claims billings of $22 million (€20.5m; £14m).

“We didn't really fit where [Cordiant] wanted to go,” president/ceo Janet Muhleman declared.

The holding company is selling nearly all its assets in a bid to focus on its core Bates Worldwide network.

Data sourced from: AdAge.com; additional content by WARC staff