303 sells 51% to Lowe Australia to form 303 Lowe – merged group headed by 303’s Nick Cleaver; former Lowe CEO Stephen Pearson returns to NZ

Advertising agency 303 has sold 51% of its business to Lowe Australia in a deal that will see the two agencies merge to become 303 Lowe. 303’s management team headed by CEO Nick Cleaver will become the management of the new merged entity.

“We are excited about linking our local capabilities to a global network and the opportunities this provides for our on-going growth and development,” said Cleaver. “It’s a rare opportunity to partner with a resurgent international agency. We have been impressed by Lowe’s work in overseas markets, particularly in the US and the UK where similar partnerships with Deutsch and DKLW have seen the Lowe agency once again beginning to fire.”

Al Taylor (pictured above), Managing Director, Perth said, “This is an amazing opportunity for 303 Perth. It allows us to connect our local capabilities with significant international credentials, which will significantly enhance our digital development capabilities and our retail activation skills. It offers tremendous opportunities for our staff and greater resources for our clients.”

303 is Australia’s largest independent agency with offices in Perth and Sydney. The agency, which has always enjoyed a strong creative reputation, expanded nationally in 2007 with the opening of the Sydney office and has since experienced strong growth and success. It remains the only Perth-based agency to successfully open a fully resourced eastern states agency.

303 founder and Creative Director Lindsay Medalia said, “We were attracted by the creative ethos, culture and ambitions of Lowe and the alignment of values our two agencies enjoy.”

Announcing the deal Michael Wall, Global CEO Lowe and Partners, said, “303 is one of Australia’s most successful independent creative agencies. They have a management line-up with real bench strength, fully integrated capabilities and a strong creative reputation. And with locations in Perth and Sydney, there is a blend of experience and a proven track record, allied to palpable energy and ambition for what lies ahead. Thenew merged entity, 303 Lowe, will now offer a strong blend for local and multinational clients looking to punch above their weight and make a real difference in their respective categories.”

“It’s a very straightforward merger that will significantly enhance the depth of resources of the new group. Our new company will have a head count of around 140 people, with similar sized offices in Perth and Sydney,” said Cleaver. “It was really important to us that we retained a significant stake in the business and that there is a long term option for us to maintain a broad based local ownership. We believe 303 Lowewill provide tremendous opportunities for our people and a substantial resourcebase from which to service our clients,” he added.

The new management line up of 303 Lowe nationally includes Perth MD Alan Taylor, Perth CD Lindsay Medalia, Perth based Head of Media Clive Bingwa and Head of Planning Derry Simpson, Sydney MD Jon Mckie and ECD Simon Langley.