Candid Marketing to acquire British partner’s stakeMarch 26th, 2009 - 8:45 pm ICT by IANS
Mumbai, March 26 (IANS) Leading brand promotion agency Candid Marketing Thursday said it would buy out the controlling 66 percent that International Marketing and Sales Group (IMSG) holds in that company.
The Britain-based IMSG picked up the 66 percent stake in Candid Marketing for $5.5 million in 2006 to expand its footprint in India.
“Candid Marketing is a robust agency which has witnessed strong growth over the last few years,” said Candid co-founder and managing director Atul S. Nath.
“The buyout is evidence of the potential of Candid to stay the number one agency in the industry, taking it to the next level of its evolutionary process,” Nath added.
“IMSG decided to disinvest in Candid so that it could focus energies, resources and funds to build on its business in the UK, Russia and CIS countries where it is a dominant BTL (below the line) marketing player,” an IMSG spokesperson said.
Candid’s client roster includes Hindustan Unilever, Nokia, ESPN Star Sports, Cadbury, Pepsi, Star TV and Castrol.
– Indo-Asian News Service
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