The World: Hamburg - Scholz & Friends buys Swiss-based agency Favo

The Scholz & Friends Group has acquired the Basel-based integrated agency Favo, in a bid to increase its presence in the Swiss market.

As part of the deal, Favo, which serves clients including Nike, Johnson & Johnson and UBS, will become part of the European Scholz & Friends network in Switzerland.

The agency will continue to be headed by the managing director, Hinrik Wachsmuth, who was appointed to the role in early 2008.

News of the acquisition comes after Erich Baumgartner was appointed as the chief executive of Scholz & Friends in Switzerland in autumn last year.