The Grey Group, a WPP agency, is acquiring a majority stake in Circus Peru, said to be the largest independent advertising agency in Peru.
The current Grey Peru will be integrated into the Circus group of companies and the organization will be renamed Circus Grey.
Circus Grey will employ over 200 people and will serve clients, including Procter & Gamble, Grupo Credito, Grupo Falabella, Claro and San Fernando, among others.
Circus' management team, led by Juan Carlos Gomez de la Torre, president and Chief Creative Officer, and Marco Milesi, CEO, will continue to lead the company. These executives, in turn, will report to Alain Groenendaal, president and CEO, Grey Latin America.
Founded in 2008, with headquarters in Lima, Circus is a full-service, integrated marketing company with revenue of $12.1 million in 2013. Its subsidiaries include Circus Interactive, Circus Retail, Circus Experience, Brand Lab, a design company, and Carne, a second advertising agency.
"This partnership will make both parties stronger," said Marco Milesi, CEO of Circus. "Circus will gain access to Grey's incredible network and resources. Grey will benefit from our record of impressive growth and award-winning creative output."
Indeed, this acquisition will help Grey expand its capabilities and footprint in Latin America, a growing priority for the agency. "I have known and worked with the principals of Circus and watched as they've built this impressive agency," says Groenendaal. "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."
According to the 2013 Global Effie Index Ranking, Circus is the third-most-effective agency office in the world. And the Grey Group ranks among the largest global communications companies in the world. The agency operates in 96 countries and 154 cities.