"The existing operation has had some turbulent times and it is no secret that for the past three years it has been suffering financially and the business has been under-performing," said newly installed managing director Nick Bender.
Maritz will continue to operate under its current name and from its base in Buckinghamshire. Bender added that Maritz had completed a round of changes wherein it had "shed people and overheads to right-size itself" and insisted most of the departures were not from client-facing roles.
However, at least four director-level staff have left Maritz as it went through the change of ownership.
Bender wouldn't confirm how much the deal was worth, but added that it followed discussions to find a solution that played to the strengths of both sides. Maritz will keep a toehold in the European MEI (meetings, events and incentives) sector by retaining a small stake in the company. It will also keep full control of the Maritz Research business.
The acquisition of Maritz's UK, German, Spanish and French offices follows GRGs' recent purchase of North and Latin American motivation business BitTime. Turnover across the group is predicted to be 350million euros for the next financial year.
Bender said the Maritz part of the business will focus on getting itself on an even financial keel: "We will be looking to get ourselves back into the black in the next 12 months. Anything more would be too ambitious, but we have a powerful brand that will help us drive new business."
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