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LB Icon announces the acquisition of Wheel Communications Limited, a leading digital communications company located in London, UK
STOCKHOLM, Sweden / AMSTERDAM, The Netherlands – January 10, 2005 – LB Icon AB (publ.) (LB Icon; the Company), internationally active in Internet Consulting and Web Services, announces the acquisition of Wheel Communications Ltd (Wheel) located in London. Wheel is one of the leading independent full service digital agencies in the UK. Combined with the existing LB Icon business activities in the UK, this acquisition gives LB Icon the market-leading position in the UK.
The service offerings of Wheel and LB Icon are highly complementary and better position the Group to compete in the UK and wider European market place. LB Icon will now have 200 professionals located primarily in London. The client base will be strengthened and expanded with extensive coverage across all sectors including retailing, pharmaceutical, FMCG (fast moving consumer goods), travel, telecommunications and the public sector. Wheel is a profitable business with
approx. GBP 6 million in annual revenue. The acquisition will be completed with a combination of cash, shares and bonds.
Commenting on the combination, Robert Pickering, CEO of LB Icon, stated: “We are glad about this new addition to our Company at this time in our growth and development. Wheel brings the strategic and creative marketing services we need in the UK to complement our existing portfolio. We were particularly impressed by the professionalism, leadership and culture of the management, and personnel. This combination gives us a strong proposition in Europe’s market for interactive services.”
Philip Hunt, CEO of Wheel, states: “We are excited about joining a Pan-European group with clients and services complementary to our UK base. LB Icon provides us with a stronger platform to compete and grow in the UK and a ready-made route to expand our offering into Europe, together with the opportunity to play a major role in the growth of the leading European interactive network.”
About LB Icon
IconMedialab and Lost Boys merged in January 2002 to become one of the leading Internet Consulting and Web services providers. The Company provides user-driven solutions through innovative technology for all digital channels, with global reach and local expertise. The Company has developed solutions for a broad range of multinational client companies. Offices are located in Amsterdam, Berlin, Bruges, Brussels, London, Madrid, Milan, Munich, New York, San Francisco, St. Louis, Stockholm and Washington. The LB Icon stock is traded on the Stockholm Stock Exchange O-List, and on the Euro.NM segment of Euronext Amsterdam (symbol: ICON). In 2003 LB Icon net sales stood at EUR 53 million (K SEK 481,569) with 559 employees at year-end. On June 4, 2004 the company name was changed from IconMedialab International AB into LB Icon AB (reg. nr. 556284-0917).
For more information on LB Icon: www.lbicon.com or contact:
Stockholm: Elina Wilow, firstname.lastname@example.org, phone: +46 8 5223 9000
Amsterdam: Annemarie de Bont, email@example.com, phone +31 20 460 4500
Wheel is one of the top full service digital agencies in the UK. It employs 90 people at its two offices in London and Glasgow. Wheel's client portfolio includes Marks and Spencer, Unilever, Allied Domecq, BT, Starbucks, Opodo, Laura Ashley, COI, Dixons Store Group, IKEA, easyCar, DisneyLand Paris, Vertu and Waitrose.
Published on: 12:00AM on 11th January 2005