COSSETTE ACQUIRES STAKE IN PAINEPR
By Adnews Staff
Quebec-based Cossette Communication Group has purchased an 80% interest in U.S.-based public relations firm PainePR. Financial details were not disclosed, but Cossette did confirm the purchase price consists of a closing cash payment and future cash payments based on the financial performance of the firm. Founded in 1986, PainePR has a staff of 50 and offices in New York, Los Angeles, San Francisco and Orange County, CA. The agency's clients include American Suzuki Motor Corporation, Archer Daniel Midland Company, Beckman Coulter, DIRECTV, Kellogg's, Polaroid, Toshiba America and Unilever. PainePR is the second public relations acquisition for Cossette in as many months. In September the company purchased London-based The Band & Brown Group.