Worldwide management consultancy McKinsey & Company has bought Chicago-headquartered branding specialist Envision for an unspecified sum.
Seeking to boost its muscle in the customer loyalty and relationship management sectors, brand consultancy and research, McKinsey promptly merged the new acquisition with its Marketing Practice unit – rebranding the combined operation as McKinsey/Envision Branding Practice.
According to a leaked letter to clients signed by former Envision principal Eric Arnson: "We have joined forces with the Marketing Practice at McKinsey & Co. Our combined entity will operate as McKinsey/Envision Branding Practice…we were impressed with their senior client level relationships… they valued our track record and our blend of logic with creative magic."
The new partnership will compete head-on with traditional ad agencies in several areas and the duo have worked together previously on a number of projects for mutual clients. Envision also owns a brand development system that McKinsey is eager to exploit.
The merger will be finalised by February 1 and Envision expects to move into McKinsey’s Chicago office inside of five months.
News Source: CampaignLive (UK)