A UK brand communications consultancy has joined forces with the second biggest advertising agency in Iceland in a major deal advised by Birmingham law firm Heatons.
Loewy has signed an agreement with Hvita Husid on an ambitious expansion plan into Europe. Hvita Husid is making a seven-figure investment in Loewy - a ten per cent stake - and is taking a seat on the board.
Loewy was founded in 1929 by iconic French designer Raymond Loewy who was responsible for the shape of the Coca-Cola bottle and Shell?s instantly recognisable corporate identity among other familiar designs. Simultaneous with the investment the two companies have entered into a framework partnering agree-ment in both Iceland and the UK.
Hvita Husid is the first Icelandic advertising agency to build a UK base, and its investment will allow both firms to continue their growth strategies across Europe.
Matt Fleetwood, Heatons managing partner, said: ?Each business will be able to share know-how and expertise in exploiting the Icelandic and UK markets.?
Loewy chief executive Charlie Hoult said: ?It?s a two-way relationship with lots to learn on both sides.?
Magnus Loftsson, chief executive of Hvita Husid, said: ?We recognised that the brand has international strength and the current management team has depth.? Heatons, with seven partners and offices in Birmingham and Manchester, specialises in corporate finance and property.