Australia agency rebrands itself

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[Sydney, Australia] Australia's oldest ad agency, George Patterson Bates, is being rebranded as George Patterson Partners. The name change happens five months after a management buyout from its former parent, Cordiant Communications Group, with financial backing from the venture capital group Pacific Equity Partners (PEP). The management team now owns 15% of the agency's holding company, The Communications Group (TCG); PEP holds a 55% stake; and Cordiant's new parent WPP Group has the remaining 30%. Ian Smith, TCG's chief executive, said that the local management team's share will grow to 32% over the next two years.
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