Chime Communications acquires Icon for £11 million
07 Apr 2011
Chime Communications PLC, a leading, UK-based PR, advertising and marketing services and sports marketing group, announced the acquisition of Icon , an experiential sports marketing firm, for £11 million.
Icon lists among its clients the Union of European Football Associations (UEFA), the Fédération Internationale de Football Association (FIFA), the Ryder Cup, the Boat Race, Abu Dhabi Motor Sports and the Lawn Tennis Association.
''Sports marketing has been a great success for Chime and the acquisition of Icon will greatly enhance the range of our activities in this area,'' remarked Tim Bell, chairman, Chime group. ''Icon is an attractive business at an attractive price.''
The acquisition is in line with its strategy of buying out over time minority interests in businesses which Chime has set up with founding management. ''We continue to look at other acquisitions which will increase the scope of our business and the additional cash raised in the placing will ensure that our balance sheet remains conservatively financed whilst giving us the financial flexibility we need,'' added Lord Bell.
Following the acquisition of Essentially Group in 2009, Chime has been a significant participant in the sale of advertising for major sporting events such as cricket test matches and rugby internationals. The acquisition of Icon significantly increases Chime's sports marketing business in the football arena.
Chime, which currently purchases advertising space on behalf of clients will be able to offer a fully integrated product offering to advertisers working with other parts of its sports marketing group. Icon's expertise in the projection of images will also be of potential value to all Chime's marketing clients.
