IPG To Sell Majority Stake In 303 MullenLowe Australia
IPG has revealed it will sell a majority shareholding in 303 MullenLowe Australia and a minority share of Mediahub Worldwide Asia-Pacific, to New Zealand-based Attivo Group Holdings Pty Limited.
The move will double the size of Attivo’s business, which currently owns communication and marketing brands including Harvey Cameron in Christchurch, Farrimond in Auckland, plus TV and video production agency Gorilla.
It will also mark the first time Attivo has had a presence in Australia.
“We’ve been looking to make an investment in Australia for the past three years, but knew it needed to be the right investment,” said Attivo boss Cam Murchison [featured image].
“We truly believe we’ve found that in 303 MullenLowe and Mediahub. Like us, they have genuinely integrated marketing solutions and a single-minded focus on clients.
“So, in those respects we already speak the same language. I’ve also been incredibly impressed with 303 MullenLowe’s strategic and creative strength. They punch well above their weight, which is a real credit to the team.”
For IPG, the decision to sell the majority stake in 303 MullenLowe Australia is part of a plan to support local partners.
“The move is consistent with MullenLowe Group’s strategy to empower local partners, who are incentivized to deliver market, team and individual skill sets based on market experience,” the company said in a statement.
“Both new investment structures enable local management to have stakes in the businesses while retaining a close affiliation with the MullenLowe Group network, and IPG more broadly.”
Last year, IPG announced it would be selling McCann Australia to former CEO Ben Lilley, who has since assumed ownership of the agency.
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