Palmer Hargreaves announces £4m funding injection from BGF as it looks to make UK acquisition in 2014 H1
Palmer Hargreaves has announced a £4m funding injection from Business Growth Fund (BGF), as part of the agency’s business plan that includes acquisitions in the UK and Germany and expanding their offer into China and Brazil.
As part of the deal, BGF will take a minority shareholding in PH and BGF investment director Ian Downing will join the PH Group Board.
Executive chairman, Andrew Clift, said: “With over 140 people in our offices in the UK, Germany and Russia plus an expanding blue-chip client list, Palmer Hargreaves is in a great position at the start of our 30th year. Our ambition now is to grow even more. We reviewed a number of funding options and had several offers but in the end we felt that the BGF approach, offer and culture suited us the best.”
Palmer Hargreaves’ first step in its plan for further growth has been to acquire German Content and PR agency PR Partner, as the company has announced plans to make a UK acquisition in the first six months of 2014.
Palmer Hargreaves chief executive Randy Weeks, said: “We’re currently working with our advisors from Orbis, to make an acquisition here in the UK. The aim is to complete in the first six months of 2014. Our objectives are the same as they were in Germany: to acquire new skills that complement those of our UK team, to acquire new sector expertise and to add more good people to our current team.
“Over half of the Group’s business is now outside the UK. Developing communications for different languages and cultures is a great strength and we also know that there is a demand for our automotive expertise in many markets. During the course of 2014 we plan to open an office in China with Brazil planned for 2015. Our approach to these markets will be based on our experiences of opening up in Moscow.”
Palmer Hargreaves was advised on the transaction by Gareth O’Hara at the Wilkes Partnership. BGF was advised by Julian Clough of Mazars and Paul Harkin of Pinsents.
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