Grey Agrees To Purchase $30 Mil. Fort Worth Shop
DALLAS--What began as a series of informational meetings about shared client International Dairy Queen will result in the sale of Regian & Wilson Advertising & Public Relations to Grey Advertising in New York.
Grey has reached an agreement in principle to acquire the $30 million Fort Worth, Texas, shop owned by Greg Regian and Julie Wilson. Under terms of the deal, expected to close next month, Regian & Wilson will operate as an independent unit of Grey while retaining its name and staff.
Regian, chairman of the 50-person agency, said there will be no layoffs as a result of the sale, and he does not expect any client departures. Wilson, president and chief executive of the 18-year-old agency, said she and Regian both have "long-term employment contracts" with Grey.
Wilson said the decision to sell grew unexpectedly out of meetings with Grey after its New York office landed International Dairy Queen's $30 million national account last year. Regian & Wilson was not considering other offers. "Were we up for sale? No. To tell the truth, this just came as a natural evolution of getting to know each other," Regian said. Dairy Queen executives were unavailable at press time.
R&W's national creative duties for IDQ's kids marketing and its full-service chores for the Texas Dairy Queen Operators Council represent its largest sources of billings. Regian said the recently won $5 million account of Heartland Wireless Communications is also a significant piece of business. The shop's other clients include Harris Methodist Health Services, Pro-Cuts Hair Care and the Fort Worth Zoo.
Grey USA president Robert Berenson said in a statement that the deal serves to "strengthen our presence in the Southwest and allow us to capitalize on the growing Dallas/Fort Worth Metroplex economy."
Regian said the deal gives his shop a powerful tool in pursuing new clients since he can now call on the resources of a parent billing $7.2 billion.