WATT GROUP BOUGHT FROM COTT
By Adnews Staff
A letter of intent has been signed which will see The Watt Design Group sold by its current owner, the Cott Corporation of Toronto, to Toronto-based Envoy Communications Group Inc. and Watt Group chairman Don Watt. The deal is still subject to approval by the boards of both companies. In a release Cott's president and CEO, Frank Weise, said the sale is part of Cott's plan to divest certain assets in order to concentrate on the company's core beverage operations. The Watt Group has been owned by Cott since 1992, handling design, packaging and marketing identity services for various retailers. Watt will continue to work with Cott under the new ownership. Envoy is an electronic marketing specialist which owns Devlin Multimedia, the Communique Group and New York-based Hampel Stefanides. "Envoy recognizes that today's sophisticated websites are virtual stores that require the same branding principles as traditional retailers," said Envoy president Geoff Genovese. "We look forward to leveraging Watt's world-renowned retail, branding and design expertise with both our traditional and new-media clients." Said Don Watt, "Envoy's leading-edge position in both multi-media and full service communications provides an integrated network for building our business. Our longtime Cott clients will also benefit immediately." Financial terms of the deal were not released.