Drury Communications has been sold to the international advertising and marketing communications group, BBDO Worldwide, for an estimated £6.5 million (€8.25 million).
The public relations company, which was founded in 1989, is one of the biggest in the Irish market and won contracts to handle the Eircom and Aer Lingus flotations. The deal will benefit the firm's 13 shareholders, the biggest of whom is the founder and managing director, Mr Billy Murphy (41). He is understood to own more than 30 per cent of the company, netting him in excess of £2 million (€2.54 million).
The firm would not confirm the acquisition price yesterday, citing confidentiality agreements, but industry sources suggest it was around £6.5 million. Drury Communications is expected to earn £3 million in fees this year.
The other shareholders include five non-executive directors: chairman Mr David Kennedy; deputy chairman Lord Rogan of Iveagh; Mr Hugh McCutcheon; Mr Kieran McGowan; and Mr Tom Kelly.
The seven executive directors who are also shareholders are Mr Tim Collins, Mr Padraig McKeown, Ms Trish Morrissey, Ms Tracey Nicol, Mr Mark Cahalane, Ms Annette Bolger and Mr Paddy Hughes. The firm will continue to trade as Drury Communications, and Mr Murphy and the other directors will continue to manage the business.
Commenting on the deal yesterday, Mr Murphy said it would allow the company and its clients to benefit from being part of a major international group.
"It gives us access to proven leadership, business experiences and technologies from other markets, as well as an extensive added base of contacts and relationships," he said. BBDO, which is listed on the New York Stock Exchange, is the third-largest global agency network with 298 offices in 74 countries.
It has a number of other European corporate communications companies, including Kohtes & Klewes in Germany and Fishburn Hedges Boys Williams in the UK.
Drury employs 39 people in Dublin. The firm also holds a 30 per cent stake in Drury Communications (Northern Ireland), which employs 13 people and is not affected by the transaction.
This is the second time Drury has been sold in two years. In 1998, the 13 directors participated in a management buyout when Mr Fintan Drury resigned as managing director.
At that time, the deal was valued at around £1 million.
