The two-man management board of Rainier Limited today announced that it has acquired all shares in the UK-company business from its US parent Rainier Corporation in a management buy-out (MBO) deal. Rainier Limited is a well-regarded UK business-to business technology PR agency, and is part of Rainier’s international partner network spanning Europe.
Effective immediately, Rainier Limited will be renamed Rainier PR Limited, reflecting the agency’s strong focus on PR-led services in the UK.
Joint managing directors Stephen Waddington and Steve Earl together founded Rainier Limited in London in 1998 as a subsidiary of Rainier Corporation, based in Massachusetts. Rainier PR is distinct in offering clients a senior practitioner-only service model for the same costs as the hierarchical, mixed-expertise model adopted by most PR agencies.
Rainier Limited has consistently posted revenues of more than £1 million in the past three years and is listed by PR Week magazine in the UK as a Top 100 PR agency.
The MBO has been funded by a combination of commercial finance and private funds raised by Waddington and Earl. The value of the transaction has not been disclosed.
"This is a bold move in a depressed agency market and shows that we have complete confidence in Rainier PR’s ability to deliver success to its clients," said Stephen Waddington, joint managing director, Rainier PR.
"The deal puts the management team firmly at the helm of developing the agency further and ensures all members of staff will share in growing the business. We believe that clients will appreciate all staff holding such a personal interest in achieving the best possible results," added Waddington.
Waddington and Earl will continue to share the title of joint managing director and will invite Rainier PR associate director Chris Measures and account directors Alia Ilyas and Sarra Mander to join the Rainier PR board.
Rainier Corporation founder Stephen Schuster will remain CEO and owner of US based Rainier Corporation, while Earl and Waddington will assume complete ownership of shares in Rainier PR.
Rainier PR and Rainier Corporation will continue to operate as a lead business partners in the RainierNet worldwide hi-tech PR agency network.
"Waddington and Earl have done an impressive job of developing the business in London over the last four years. The management buy-out recognises their entrepreneurial acumen and will enable them to realise the benefits of their effort, while at the same time maintaining close commercial ties with the organisation in the US," said Steve Schuster, CEO, Rainier Corporation.
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