Bracing for the UK’s departure from the European Union, WPP is focusing more of its M&A activity on Western Europe.
The latest example: The holding company has acquired Portuguese creative agency Bomtempo, Anahory & Ralha – Serviços Criativos, known as BAR. Financial terms were not disclosed.
Confirming the acquisition today, WPP stated: “As a result of the UK’s referendum decision to leave the European Union, WPP is placing an even greater emphasis on growth in Western Continental Europe, which includes four of the Group’s top markets worldwide: Germany, France, Italy and Spain.”
So far in Portugal, WPP companies collectively generate revenues of approximately $60 million and employ around 1,000 people. But with the new acquisition strategy, that’s likely to grow. BAR’s revenue total for 2016 was an estimated $3 million.
BAR will merge operations with Ogilvy & Mather Portugal, with the combined business being rebranded BAR Ogilvy. It will be managed by the founders of BAR: Jose Bomtempo, Diogo Anahory and Miguel Ralha.
The agency, founded in 2009, counts as clients Sagres, Millennium BCP, CUF, Nowo, Nespresso, among others.