Creston buys PAN for 19m
Creston, the marketing services group, is buying specialist healthcare advertising agency PAN Advertising for up to £18.8m.
It is Creston’s third major acquisition this year following two deals in May to buy market research group ICM and direct marketing company Tullo Marshall Warren.
The group also owns Delaney Lund Knox Warren, which it bought in 2005.
The deal will complement Red Door Communications, Creston’s existing healthcare PR agency.
PAN’s customers include Bristol-Myers Squibb, GlaxoSmithKline and Wyeth. Its services include global and European branding, strategy development, brand planning and advertising and promotion. The agency was set up in 1992 and had revenues of £3.6m last year.
Creston also released results for the six months to 30 September this morning. It saw turnover rise by 43% from £37.4m to £53.5m, compared to the same period last year. Pre-tax profits were up 8% from £1.9m to £2.1m.
