Brits buy Dorland Global in $20M dealPublicly held Huntsworth PLC, based in London, has purchased Dorland Global Corp., for $20.7 million in cash, extending the reach of its healthcare division into the US market.
The acquisition covers its two units, Dorland Global Health Communications and Dorland Global Public Relations.
The sale price for the previously independent agency will be shared by 10 shareholders, along with co-founders Harry and Rita Sweeney. The deal also may include deferred compensation based on Dorland profits for the year ending Dec. 31, 2007, plus a payment to be made based on three-year profits through 2010, Huntsworth said.
The maximum price was capped at $50 million. Dorland reported 2006 gross profit of $3.5 million and gross assets of $11 million as of year end.
The existing management team will continue to operate the business, reporting to David Rowley, chief executive of Huntsworth Health.
Dorland will serve as a US footprint for the Huntsworth Health division, the largest healthcare firm in the UK.
In an interview with MM&M, Rita Sweeney said being part of a larger agency will help Dorland “take on and pitch and win larger global accounts…that was the whole strategy to begin with.”