Canada's Cossette Buys New York's Post & Partners
The acquisition is Cossette's first in the United States and one of several it plans in the near future. It is part of Cossette's convergent communication policy, offering all elements of marketing communications and services through its company-owned shops.
Post & Partners last year recorded gross income of $10.8 million through advertising, direct marketing, interactive, design and other services. Post clients include the U.S. Coast Guard, Memorial Sloan-Kettering Cancer Center, TD Waterhouse Inc., Phoenix Insurance, Internal Revenue Service, Panasonic Personal Computers and Dassault Falcon Jet.
With its sale, Post & Partners will be known as Cossette Post.
According to a statement, Cossette will pay $7.5 million as a closing amount, 80 percent of that in cash and the rest in Cossette stock. Future payments will be based on that pattern, hinging on the financial performance of Cossette Post.
The acquisition is the Quebec City firm's second foray into this market. In 1997, Cossette opened a Washington, DC, branch of its Optimum Public Relations division.
Founded in 1972, Cossette has Canada-based clients that include Coca-Cola Ltd., General Mills Canada, Nike Canada, Molson, General Motors of Canada, McDonald's of Canada and Bell Canada. Gross income for the year ended June 30 was $126.4 million Canadian.
Cossette agencies include Cossette Communication-Marketing, Optimum Public Relations, Fusion, Koo Creative, Geyser Branding, Impact Research, Cossette Interactive, Blitz Promotion and Grapheme.