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Management Buyout Relieves Cordiant of US Fitch Office

News, 14 April 2003


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