Lowe confirms 303 acquisition
Cleaver
Interpublic agency Lowe has confirmed that it has bought a majority stake in 303 Group, a move reported by Mumbrella in August.
The acquisition means the end of the reign of Lowe boss Stephen Pearson, who has moved back to New Zealand.
The group will be led by 303’s CEO Nick Cleaver, who told Mumbrella three months ago: “Being the size we are, and with the credentials we’ve got, we are bound to be the focus of speculation like this. But it’s not true.”
The announcement:
Advertising agency 303 has sold 51% of its business to Lowe Australia in a deal that will see the two agencies merge to become 303LOWE. 303s management team headed by CEO Nick Cleaver will become the management of the new merged entity.
303 is Australia’s largest independent agency with offices in Sydney and Perth. The agency originates from Perth where it has always enjoyed a strong creative reputation. It expanded nationally in 2007 with the opening of the Sydney office and has since experienced strong growth and success.
We are excited about linking our local capabilities to a global network and the opportunities this provides for our on-going growth and development,” said Cleaver.
“It’s a rare opportunity to partner with a resurgent international agency. We have been impressed by Lowe’s work in overseas markets, particularly in the US and the UK where similar partnerships with Deutsch and DLKW have seen the Lowe agency once again beginning to fire.”
Announcing the deal Michael Wall, Global CEO Lowe and Partners, said, “303 is one of Australia’s most successful independent creative agencies. They have a management line-up with real bench strength, fully integrated capabilities and a strong creative reputation. And with locations in Perth and Sydney, there is a blend of experience and a proven track record, allied to palpable energy and ambition, for what lies ahead. The new merged entity, 303LOWE, will now offer a strong blend for local and multinational clients looking to punch above their weight and make a real difference in their respective categories.
“We were attracted by the creative ethos, culture and ambitions of Lowe and the alignment of values our two agencies enjoy. It’s a very straightforward merger that will significantly enhance the depth of resources of the new group. Our new company will have a head count of around 140 people,” said Cleaver.
It was really important to us that we retained a significant stake in the business and that there is a long term option for us to maintain a broad based local ownership. We believe 303 Lowe will provide tremendous opportunities for our people and a substantial resource base from which to service our clients, Cleaver added.
The new agency’s merged client list will include Unilever, Johnson & Johnson, Aussie, Harley-Davidson, Pepsico, Fujitsu, Red Rooster, Ikea, Cash Converters, The Travel Corporation, Cerebos and Fairfax Digital, amongst others.
The new management line up of 303 Lowe includes Sydney MD Jon Mckie, ECD Simon Langley, Perth MD Alan Taylor, Perth CD Lindsay Medalia, Media Director Clive Bingwa and Head of Planning Derry Simpson.
Stephen Pearson, former Lowe Sydney CEO, stepped down in August and has returned to New Zealand. 303 Lowe Sydney will be housed in the Lowe Rocks offices.
I wonder if they’ll have the Christmas party at Low302
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Haha. It’ll need to be a place with cheap booze — Lowe Sydney has gotta be one of the hardest-drinking agencies on the planet. Those guys are practically at 1980s levels.
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Nice one Nick – well done, Success richly deserved!
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Is it “303 Lowe” or “303LOWE”?
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so what was with the denial only a month or so ago?
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Wonder if they will have Cleaver’s Meats at the Chrissy party as well.
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Shame – another independent successful Agency lost to the sterile world of a big group!!
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mmm – Is it mmm or MMM or TripleM?
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