unicornnews: Freshwater buy Life

Communications group Freshwater, who have offices across the UK, have expaned into the Irish market by acquiring Life Communications, an Irish PR agency with bases in Belfast and Dublin.

Freshwater confirmed the takeover last week, having raised funds to finance the expansion through the issue of new shares. The initial takeover will cost Freshwater £300,000 in cash plus an additional 263,505 in ordinary shares in the expanded comms agency, with further payments due based on the Irish division’s future performance.

Confirming the acquisition, Freshwater CEO Steve Howell told esPResso: “In spite of the economic climate, we are pleased to be in a position to take another step forward in our strategy of expanding the regional scope and specialist expertise of the Freshwater Group. This acquisition not only adds a new regional dimension to Freshwater but it also provides a platform for the extension of Freshwater’s offering into Ireland in specialisms such as stakeholder communications and public affairs, especially in sectors such as health, technology, property, energy and transport”.

On the new share sale that enabled the acquisition, Howell continued: “The fact we have been able to raise funds through [a share issue] is a clear demonstration of the level of investor confidence that exists in Freshwater’s unique regional-specialist strategy”.

Life Communications will continue to operate under that name within the Freshwater group, led by the company’s founder and existing MD Darlene McCormick.

Posted Monday July 6 2009 by Chris Cooke

Related categories: Mergers & Acquisitions