Grey has acquired a majority stake in Maruri Publicidad, “the leading full-service communications firm in Ecuador” and a Grey partner since the early nineties.
CEO/COO Eduardo Maruri, who founded the agency with his father, Jimmy Maruri, in 1991, and general manager Fausto Maruri will continue to oversee the company, which will now operate under the name Maruri Grey. The agency, which employs some 130 employees in Guayaquil and Quito, has been awarded 30 Cannes Lions in the past five years and named agency of the year by the local industry trade association a dozen times. Its client roster includes DIRECTV, SABMiller and La Fabril and the agency brought in nearly $10 million in revenue last year.
“We are delighted to conclude this agreement with Eduardo Maruri and his stellar management team,” Grey Group chairman and CEO James R. Heekin III said in a statement. “Maruri is a premier total communications company, renowned for its creativity and represents another step forward in expanding our capabilities in the fast-growing Latin American region.”
“This change from being Maruri to Maruri Grey is simply a consolidation of the strong relationship and mutual benefits we have enjoyed for over two decades,” added Eduardo. “We are confident Ecuador can play an even more important role in the region in the years ahead.”
The acquisition follows a series of similar moves from Grey as it looks to strengthen its international network. Last month, Grey acquired a majority stake in Brussels-based agency Famous, one of the largest independent agencies in the country, to create Famous Grey. It also expanded its capabilities in Greater China by purchasing a majority stake in Shanghai-based PR and social media agency Easycom.[Image via]