BOSTON -- Allen & Gerritsen is acquiring GSO/Davis for an undisclosed amount, forming the largest independent agency in New England.
The staff of Boston-based GSO/Davis will move into A&G's Watertown, Mass., offices. The combined agency, to be known as Allen & Gerritsen, will claim more than $150 million in overall billings and about 120 total employees.
GSO/Davis had estimated 2001 revenue of about $7 million, and industry analysts said a shop of that size would likely fetch anywhere from $6-10 million in today's marketplace.
Key clients include State Street Corp., Kronos and TJX's HomeGoods (from A&G); Spalding Sports Worldwide and sister grocery chains Shaw's and Star Market (from GSO/Davis).
Paul Allen and Andrew Graff will serve as chairman/CEO and president, respectively, of the combined organization, the same roles they had at A&G. Terry O'Leary, president /CEO of GSO/Davis, will focus on new business efforts in the new order.