Independent agency network Local Planet restructures with help from Cripps
Cripps has advised existing client, Local Planet, on a restructure designed to establish a global presence for the independent network of agencies, allowing it to compete against the global media companies.
Local Planet, set up two years ago, includes 51 agencies operating in 68 markets worldwide, with combined client media billings of more than $14bn.
Julie Hughes and Nigel Stanford, both partners in Cripps’ corporate team, worked closely with the board of directors of Local Planet on the restructuring of the network. This involved Local Planet entities partnering with leading media agencies around the world, to create new joint venture companies in each country in which the Network has a presence. The number of agencies, their locations across the globe and the legal complexities made it challenging, but completion of the restructure is a great achievement for Local Planet.
Global CEO Martyn Rattle commented: “When we launched Local Planet, our vision was to create a genuine alternative to the global holding company media agency networks by offering international clients all the benefits of a global network but with the spirit, drive and focus of an entrepreneurial business, prioritising client outcomes, rather than external shareholder demands. This new structure ensures that our international clients can feel even more confident in the quality and consistency of service that we can provide to them across multiple markets around the world.
Cripps understand our business and strategy well. Moreover, they appreciate the wider issues impacting agencies and the way they work, meaning they were able to provide us with practical guidance across multiple global jurisdictions. Julie, Nigel and Clare and the rest of the team worked alongside us throughout this complex project, keeping on top of where we were and ensuring we stayed on track.”