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Drp acquires Penguins

CEO Dale Parmenter hails "exciting" deal - and reveals further possible acquisition before the end of the year

Pictured: drp and Penguins staff

Drp has announced the acquisition of Windsor-based events agency Penguins for an undisclosed amount.

The acquisition aims to add diversity to drp’s client base and the addition of Penguins’ 22 staff has increased drp’s total team to 221 people across the Midlands, London, Leeds and now Windsor.

Dale Parmenter, group CEO of drp, said: “This is an extremely exciting time for the drpteam and we are looking forward to expanding our capacity and capabilities in four locations across the UK. Penguins is a well-established, innovative and active agency, which we are very much looking forward to welcoming into our team.”

Penguins, which is this year celebrating its 30th anniversary in the industry, is a live events and incentive travel agency, providing management, production and digital servicing to clients such as Honda, GSK, British Airways, and Unilever.

Parmenter said: “We’ve been talking for about four years off and on, we’ve the put the deal together and it’s happened quite quickly. Penguins has great clients, great people and it felt right. Penguins is strong in incentives whereas drp isn’t, so we’ll be looking to Penguins to develop that and put more resources in."

Mark Buist, MD at Penguins, said: “Joining drp opens up a host of opportunities for Penguins, drp and our customers. We are committed to the growth of Penguins and wider drp and cannot wait for the exciting journey ahead.”

Parmenter also revealed that drp was looking at further acquisitions, with another deal possible before the end of the year.

He said: “We’ve been talking to several businesses. We are still talking to a couple more companies, maybe something will happen later in the year. We’re looking at a few. It has to have benefits for both parties.

In its most recent accounts filed at Companies House, for the year ending 31 December 2015, drp saw revenue grow by 6 per cent to £14.5 million, while gross profit was also up by 13 per cent to £9m. Parmenter said last year that the agency would be targeting turnover of £26m and gross profit of £15m in 2017, but revealed that this had been scaled down.

He said: “We’re aiming for £21m turnover this year, we’re just over £18m as things stand. Our target for 2020 was £30m, but with Penguins on board we’re looking at anything around £35m. It’s quite a steep trajectory of growth but we’re confident we’ve got everything in place in terms of teams, facilities and clients. It’s an exciting time.”

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