WPP acquires two Brazilian agencies in as many days
WPP interactive agency Possible Worldwide has acquired a majority stake in Brazilian digital shop Gringo, the holding company said June 3. The day before, WPP said it had acquired a majority stake in Brazilian digital agency F.biz.
Gringo said in a statement that it has rebranded as Possible São Paulo.
“This acquisition of a leading digital agency in the dynamic Brazilian market is central to WPP's overall strategy of expanding its capabilities in the digital, direct and interactive disciplines and strengthening its presence in faster growing markets,” WPP said, in a statement. A representative from the Dublin-based holding company was not immediately available for comment.
Gringo's clients include The Coca-Cola Co., Microsoft Corp. and Absolut Vodka, while F.biz's client roster features Unilever, Campari and NetShoes.
WPP said F.biz's managing partners, including CEO Gal Barradas, “will remain in their current positions.” The holding company employs more than 4,500 people in Brazil, its eighth-largest market with revenues of nearly $700 million, it said.
When WPP merged four of its agencies into Possible Worldwide in February, agency CEO Trevor Kaufman told Direct Marketing News that Possible Worldwide planned to announce two agency acquisitions this year. The agency's clients include Microsoft Corp., Procter & Gamble, AT&T, General Mills and Barclays.
During WPP's annual shareholder meeting in Dublin on June 2, chairman Philip Lader said the company had increased revenues by 6.2% in the first four months of 2011, with its advertising and media investment management businesses up 12% year-over-year during the period.