Walrus | Agency Profile, Contacts, AOR, Client Relationships

• The companies have not disclosed the deal's purchase price and terms, but the deal is expected to close later in H1 2023.
• Once the transaction closes, WE will operate as a stand-alone business.
  • WE's current president, Liam Killeen, will become its CEO.
  • Killeen joined the company in April 2014 as its COO.
  • He brought expertise in areas including marketing.
  • WE's current CEO and chief engagement officer, Mike Wells, will step into a more advisory role to support the transition.
• Ferrero has aggressively ramped up efforts to capture US market share, largely via acquisitions in 2019 and 2017.
  • This new deal marks the first time the company has worked in the space of frozen treats.
• The company (Ferrero) will likely:
  • Pursue similar acquisition opportunities
• ​​​​The company (WE) will likely:
  • Shift its strategy
    • ​​​​​​​In the past, Ferrero has worked with acquisitions to make products improvements by either improving ingredients, changing packaging, or adding new options.
    • It will likely do the same for WE.
  • ​​​​​​​Continue increasing ad spend
  • Conduct agency reviews
• Target demographic: 
  • ​​​​​​​Gen-Z and millennials

Additional spending insights:

• Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
  • 2021-2022 spend: In 2022, WE spent roughly $28.1m on digital ads, 22% more than the roughly $23m spent in 2021.
  • 2022 data: The company earned approximately 2.8b digital impressions in 2022 via desktop video/YouTube (44%), Facebook (38%), Instagram (17%), and desktop display (1%) ads.
• Additional channel insights  
  • The company utilizes radio, OOH, and local broadcast.
  • WE also works with influencers and invests in multicultural and experiential marketing.
  • It holds planning conversations in Q4 and buying conversations in Q3.​​​​​​​

Additional agency insights: