MITCHELLS ACQUIRES REMAINING 49% OF MEDIA OPERATION FROM WORKHOUSE

The Mitchell Communication Group has acquired the remaining 49% of the issued capital in Mitchell & Partners Western Australia that it does not currently own from Workhouse Advertising. Mitchells will pay $6.174 million in cash and is effective July 1.

As part of the purchase agreement, Workhouse, has agreed to both a 5 year non-compete restraint and a 5 year exclusive referral arrangement for all their media planning, buying and strategic service requirements.

“We are pleased to be able to execute an agreement to acquire the remaining 49% interest in Mitchell & Partners Western Australia we don’t currently own” said Stuart Mitchell, Chief Executive Officer of the Mitchell Communication Group said. “Mitchell & Partners Western Australia is the only entity with the Group not currently 100% owned. This transaction provides us a gateway to opportunities through a business which is gaining momentum and a strong foot hold in an ever growing and important market. With some significant pieces of potential new business currently up for tender in Western Australia, to be able to leverage this from the Mitchell’s end-to-end communications perspective has the potential to provide us with significant strategic and financial advantage, not just for our company but also our clients.”