Mumbai : Dentsu Aegis Network (DAN) India has acquired majority stake in Fountainhead Entertainment, a Mumbai-based entertainment, events and activation agency. According to industry sources, the size of the deal is between Rs 300-400 crore.
Dentsu Aegis Network India signed the deal on Saturday after several months of speculation. Post-acquisition, Fountainhead will continue to be led by Brian Tellis, its cofounder, as chief executive officer and the current management team will also continue. Tellis will report into Ashish Bhasin, chairman and CEO of Dentsu Aegis Network South Asia, officials said.
In 2016, DAN’s existing experiential offering, psLIVE and it 86 employees in India will be merged with Fountainhead. Post-merger, Fountainhead will retain its brand identity and work alongside other specialist units of DAN including Posterscope, Vizeum, Amnet, Dentsu media, Dentsu branded agencies (Dentsu Creative Impact, Dentsu Marcom, Dentsu Communications, Taproot Dentsu, Dentsu Webchutney), WATConsult and Milestone Brandcom.
“Fountainhead’s reputation in the event and activation market, and their extensive experience in both music and sports marketing, complements and strengthens our experiential offering in one of the region’s most exciting markets,” Nick Waters, CEO of Dentsu Aegis Network Asia Pacific, said in a statement.
Tellis established Fountainhead along with Neale Murray (managing director) and Otis D’Souza (director). Co-directors Pradeep Guha, V G Jairam and Owen Roncon later joined the agency that currently has offices in Delhi and Bengaluru. It employs more than 200 people and has five brands: Fountainhead Events, Oranjuice Entertainment, Fountainhead Activations, Fountainhead Corporate Journeys and Fountainhead Digital. It delivers around 350 events annually.
Bhasin said, “As the fastest growing network in India, we are continuing to expand our portfolio of diverse specialisations available to our growing client base. Fountainhead’s creative quality and reputation in the market make it the perfect addition to Dentsu Aegis Network India. Our unique ‘One P & L’ philosophy will help us bring their expertise to all Dentsu Aegis Network clients. This is another big step forward in helping us achieve our mission of being the second largest agency group by end 2017 in India, overturning for the first time the existing ranking which has historically been in place for over 80 years in India.”
Post acquisition, the team of 205 will continue to be led by Fountainhead chairman and co-founder Brian Tellis, who will take on the title of CEO.