Indiantelevision.com Team

(25 March 2009 2:25 pm)

MUMBAI: UK-based International Marketing and Sales Group Plc (IMSG) has decided to pull out of India by divesting its 66 per cent stake in Delhi-based brand activation agency Candid Marketing.

Candid Marketing has bought back the shares at an undisclosed amount to take complete ownership of the company.

"IMSG decided to disinvest in Candid India so that it could focus energies, resources and funds to build on its business in UK, Russia and CIS countries where it is a dominant BTL marketing player,” says an IMSG spokesperson.

IMSG had acquired 66 per cent stake in Candid Marketing in June 2006, with the option of buying out the remaining 34 per cent by 2010.

IMSG was advised by Sanjay Sondhi of Pegasus Advisory for the transaction.

“Candid Marketing is a robust agency which has witnessed strong growth over the last few years. The buyout is evidence of the potential of Candid to stay the No 1 agency in the industry, taking it to the next level of its evolutionary process,” says co-founder and managing director Atul S Nath.

There will be no change in the management team structure led by co-founder and managing director Nath.

Candid Marketing said it has grown by over 40 per cent over last year, providing promotional and activation solutions to clients like HUL, Nokia, ESPN Star Sports, Cadbury, Pepsi, Star TV, Castrol, Mars Foods and many other MNCs.