WPP’s Grey Group has expanded its Latin American presence by acquiring a majority stake in Circus, the largest independent agency in Peru.
Circus, a full-service shop that includes multiple subsidiaries and a second agency called Carne, will be absorbed into existing Grey Peru operations under the Circus Grey heading. The newly formed entity will employ 200 people and serve clients including Procter & Gamble and Latin American names like Grupo Credito, Grupo Falabella, Claro and San Fernando.
Grey Latin America President/CEO Alain Groenendaal writes:
“This merger will give Grey a stronghold in one of Latin America’s most dynamic economies and our network, will in turn, empower Circus to serve Grey’s multinational clients on a regional scale.”
Here’s a nugget from the press release: according to the 2013 Effies, “Circus is the third most effective agency office in the world.”
We’ve got some commentary from Results International, the group that advised WPP on the deal, after the jump in case you’re interested.
Circus, the largest advertising agency in Peru with 250 employees is highly respected for the quality of its management, award-winning creative output, client roster and its impressive growth – especially as most of it is organic.
In recent times, Peru has become one of the highest growing economies in Latin America. Moreover it has made a significant mark in terms of creativity and innovation in the ad industry, in no small part due to the creative brilliance of Circus and Circus majority-owner Juan Carlos Gomez de la Torre, considered to be the most influential ad man in Peru and one of the best creatives in Latin America.
It is no surprise therefore that the large international advertising networks were very interested in expanding their presence in Peru, with Circus being the obvious target for acquisition. Circus’ founders were looking for a strong international partner to provide access to technology, talent and expertise, as well as to allow expansion of its business model across the region.
Without any doubt, this has been the largest and most ambitious acquisition in the history of Peruvian advertising, and we at Results are very happy to be a part of this successful transaction.