Management buyout for DDA PR
Lawrence Atkinson, John Stannard acquire equity stakeLONDON -- DDA Public Relations is to be bought out by management in a move that sees founder and chairman Dennis Davidson look to concentrate on a small roster of long-term clients and a handful of recent additions.
The global PR house, with offices here and in Los Angeles, will fall into management hands after an MBO that is set to "take seven years to complete," Davidson said.
Lawrence Atkinson, who has been running the day-to-day operations for the past three years and John Stannard, DDA's chief financial officer, have acquired "a substantial equity stake" in DDA Public Relations as part of the MBO.
Atkinson and Stannard will become CEO and COO respectively at the firm. Davidson will serve as Chair of the enlarged board of directors.
Davidson said: "As DDA approached its 40th Anniversary, I deliberately targeted Lawrence as someone with the enviable mixture of youth and enthusiasm to move DDA into the next decade. While I still thoroughly enjoy my work, I wanted to be realistic about my energy levels and to appoint an heir apparent, who would develop the company and its incredible staff, for decades to come."
DDA Event Management, where Caroline Warburton has long been a co-owner with Dennis Davidson, is unaffected by this PR MBO with both companies continuing their current successful collaboration.