Aegis Group plc (“Aegis”), the media and market research group, today announces that Synovate, its market research business, is expanding its presence in Russia by signing an agreement to acquire a majority stake in COMCON.
Synovate’s existing Russian business and COMCON, Russia’s leading independent market research agency, will combine their capabilities and resources to leverage Synovate’s global reach with a view to establishing one of the largest market research players in Russia. The new combined company will be majority owned by Synovate and the agreement allows for a 100% acquisition of the business by Synovate in 2015.
COMCON, established in 1991, has approximately 200 employees based in Moscow and St Petersburg, and produced revenue of $18.9 million in 2009. The business, which is currently wholly owned by COMCON management, has significant custom and syndicated research capabilities and a high quality established customer base in a number of key industry sectors, including healthcare, FMCG, financial services and media.
Jerry Buhlmann, CEO of Aegis Group, said:
“COMCON is an exciting acquisition which will significantly enhance our position in the Russian research market and thereby support us in taking advantage of further growth in a fast-growing region. The transaction is fully aligned with our acquisition strategy of targeting transactions which will increase our scale in certain regions, provide us with additional innovation and complement our existing service propositions, with a specific emphasis on faster-growing regions.”
Robert Philpott, CEO of Synovate, said:
“The acquisition of COMCON provides Synovate with increased scale and resources, a wider range of management expertise and a more diverse client base in the Russian research market. Looking ahead, our significantly broader footprint in Russia will enable us to assist domestic clients to expand internationally and to support global clients in gaining access to the Russian market. This transaction therefore consolidates Synovate’s position as a leading market research provider within the Eastern European region.”
Source : Aegis Press Release
