New York-headquartered ad holding company Omnicom has purchased London-based branding consultant Wolff Olins. Terms have not been disclosed, though the purchase price has been estimated at £20–£30 million.
The firm – the last big independent brand consultant available for purchase – will move as an autonomous unit under the umbrella of Omnicom’s diversified agency services group, alongside its rival Interbrand.
Wolff Olins has undertaken work for clients such as mobile phone company Orange and the Tate art galleries, as well as a less successful attempt to ‘rebrand’ Britain on behalf of the Labour government.
The consultancy was bought out by its management in 1997, with the backing of what is now Lloyds TSB bank, which retains a 33% stake in the firm. The remaining shares belong to the directors and co-founder Wally Olins.
News source: Financial Times