NEW YORK, Aug. 5, 2016 /PRNewswire/ -- Grey Group, the global marketing communications company, today announced that it has acquired a majority stake in Maruri Publicidad S.A. ("Maruri"), the leading full-service communications firm in Ecuador. The agency has had a partnership with Grey since the early 1990s.
In making the announcement, James R. Heekin III, Grey Group Chairman and CEO, said, "We are delighted to conclude this agreement with Eduardo Maruri and his stellar management team. Maruri is a premier total communications company, renowned for its creativity and represents another step forward in expanding our capabilities in the fast-growing Latin American region."
Founded in 1991 by Jimmy Maruri and his son, Eduardo, the agency employs 130 people at its main office in Guayaquil and one in Quito. Maruri's revenues were almost $10 million in 2015 from such blue-chip clients as DIRECTV, SABMiller and La Fabril. The full-service agency provides advertising, media buying, promotional and activation marketing, sponsorships, digital communications, public relations and production services. Its management team, led by Eduardo Maruri, CEO and COO, and Fausto Maruri, General Manager, will continue to oversee the company under the banner of Maruri Grey.
Alain Groenendaal, President and CEO of Grey Latin America, said, "Bringing Maruri Grey officially into the Grey fold is very gratifying. Eduardo, Fausto and their team have done a terrific job embracing Grey's creative culture and 'Famously Effective' mantra, which has led to a pioneering performance in Cannes and an impressive record in new business. This acquisition also reinforces our belief in the long-term growth of the Ecuadorian market, as part of Grey's commitment to being a leading network in Latin America."
Maruri is the clear market leader in Ecuador, especially recognized for its creative capabilities. It was named agency of the year by the local industry trade association 12 times and, internationally, has won 30 Lions at the Cannes Lions International Festival of Creativity in just the last five years. It has also won 15 Latin American Effie awards for advertising effectiveness.
Eduardo Maruri said, "This change from being Maruri to Maruri Grey is simply a consolidation of the strong relationship and mutual benefits we have enjoyed for over two decades. We are confident Ecuador can play an even more important role in the region in the years ahead."
Grey Group ranks among the largest global communications companies and its parent company is WPP (NASDAQ: WPPGY). With headquarters in New York City, Grey operates in 96 countries and 154 cities. Under the banner of "Grey Famously Effective since 1917," the agency serves a blue-chip client roster of many of the world's best known companies and leading brands. Grey was voted Global Agency of the Year by Adweek in 2015. www.GREY.com.
Contact: Owen Dougherty
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