Havas acquires Hispanic agency Formula (includes Interview)
What: Another major agency is acquiring a Hispanic focused shop. Havas is acquiring integrated communications and experiential marketing agency Formula for an undisclosed sum.
Why it matters: Through this deal Havas is also gaining Formula’s brand activation arm, Formula Street, and Hispanic PR division, FORMULATIN.Formula has around 105 staff members across offices in New York, Los Angeles, and San Diego.
Havas has announced the acquisition of Formula, an integrated communications and experiential marketing agency, for an undisclosed sum.Through the acquisition, Havas is also gaining Formula’s brand activation arm, Formula Street,and Hispanic PR division, FORMULATIN.
Formula has around 105 staff members across offices in New York, Los Angeles, and San Diego.The marketing agency has been working with a number of well-known brands. The main accounts Formula handles include: Nestlé, Wyndham Hotel Group, Phillips 66, Dunkin’ Donuts, Brown Forman (Herradura, El Jimador), SodaStream.
The new entity, Havas Formula, will be a full-service agency with practice areas in strategic communications, public relations, experiential, Latino, and experiential marketing. Havas Formula complements Havas Creative Group’s core competencies, and will work alongside the Group’s existing agencies—such as Havas Impact, Havas Edge, Havas Luxe, Havas PR, and Havas Latino Group—to boost the Group’s offering to North American clients.
Formula had reached a point where it needed to either acquire smaller agencies or get acquired to grow.
Portada talked with Michael A. Olguin, President of Formula, about the transaction:
Formula recognized that it was the right time to broaden its resources, secure a global footprint and attract more Fortune 100 brands.
Yannick Bolloré, Chairman and CEO of Havas, noted, “Formula is a best-in-class agencywith an impressive client roster, particularly within the consumer and lifestyle category. With their track record of implementing impactful PR, social, and experiential programs, Formula will help expand our offering. They are a perfect fit for our Group.”
“This decision was the natural evolution of our growth strategy, and Havas is the ideal partner,” Michael A. Olguin, President of Formula, said of the acquisition. “Having access to Havas’s powerful network of global services and resources, paired with the ability to leverage and learn from the company’s senior team, is going to be a game changer for us.”