Mission Marketing Group acquires Scottish agency Story

by Jacquie Bowser, Brand Republic 11-Sep-07, 09:10

LONDON - The Mission Marketing Group, a marketing and advertising group, has acquired Edinburgh-based marketing agency Story UK for up to £13.5m, as part of its ongoing investment strategy.

The Mission will pay an initial consideration of £6.9m in cash and shares and a possible deferred initial consideration of £200,000 in cash and shares, followed by a maximum payment of £6.4m in March 2011.

Story, which was founded by Dave and Sue Mullen, specialises in direct response and digital communications, employing around 30 staff who will all join The Mission.

The agency's clients include Scottish & Newcastle, Glenmorangie, Ulster Bank, M&S Money and Southern Energy.

Pre-tax profit at Story for the year ended March 31 totalled £600,000 on turnover of £4.5m. The agency's net assets are valued at £1.1m.

Iain Ferguson, chief executive of The Mission, said: "Story completes a wonderful hat-trick for The Mission this summer. It's an impressive company that will give us additional depth and expertise and respected leaders in direct and digital marketing.

"Coming a few months after April-Six and thinkBDW increased our strength in the IT and property markets, this latest acquisition adds new capabilities in more, dynamic sectors, including drinks, luxury goods, financial services and utilities."

The Mission will enable Story to expand its own service offering through working with the group's other agencies and clients.

Sue Mullen, managing director of Story, said: "The timing is perfect. Joining The Mission provides us with the ideal partner to facilitate the next stage in our growth strategy and enables us to further develop our client offering.

"We've seen the benefits that other agencies have gained from becoming part of this rapidly expanding network and look forward to leveraging themission's existing geographical coverage and range of services to the benefit of both new and existing clients."