NJA and its subsidiary, Armstrong Advertising, rank sixth in Australia with billings of $165 million and income of $25 million last year. It was founded 48 years ago by Chairman Neville Jeffress, 75, who has tried twice to retire but returned when a suitable successor could not be found.
The group employs 425 people and has offices throughout Australia and New Zealand. "It has been a hard decision but I'm not getting any younger", Mr. Jeffress says of the sale.
New York-based TMP Worldwide is the 14th biggest advertising agency in the U.S. with gross income of $137 million.