Drp acquires Penguins

Agency drp has projected turnover growth between £34-36m by 2020 following its acquisition of Penguins, the Windsor-based events agency.

drp and Penguins teams together for the first time
drp and Penguins teams together for the first time

Commenting on the projected financial growth following the acquisition, CEO Dale Parmenter said: "We are still on target for £21million turnover for 2017, and as of yesterday we are sitting at £18m.

"We will not be including Penguin's figures this year, as our figures are compiled mid-year and theirs at the end. Drp's current target for 2020 is £30m turnover. With the inclusion of Penguins' figures next year, we are looking at £34-36m projected turnover for 2020."

Asked how the acquisition came about, Parmenter revealed: "We have been talking for four years. I got together with Mark Buist (MD of Penguins) in January and we both felt the time was right." 

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

"These client accounts will stay with Penguins but drp will assist with services they have traditionally shied away from including digital, print and video," said Parmenter.

Speaking on what expertise Penguins will add to drp, Parmenter added: "What really interests us about Penguins is they are strong in incentive travel. We will keep our clients but offer much more structured and bigger incentive travel programmes using Penguins' expertise."

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 drp and cannot wait for the exciting journey ahead."

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