GAC acquires Rice, Unruh, Reynolds
The Middle East-based international agency group GAC has acquired Rice, Unruh, Reynolds Co., the U.S. East and Gulf coasts shipping agent, in a transaction that has been under negotiation for six months.
Rice, Unruh, Reynolds has 14 offices and 50 staff. GAC has more than 200 offices worldwide.
The two companies will continue to operate separately, but efficiencies will be gained by consolidating marketing, accounting, and insurance operations, sharing information technology platforms and cooperating with hub agency management, GAC said.
John Reynolds, chairman and chief executive officer of Rice, Unruh, Reynolds, will remain with the company for a minimum of three years. Bob Bandos, president of the company, will stay for a minimum of 10 years, both in their present positions.
“We have been a partner with GAC for the past three years and in that time it has become abundantly clear that closer ties can only add strength to RUR’s operations and deliver added benefits to our customers,” Reynolds said.