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GRISWOLD MANAGEMENT AND KEY EMPLOYEES PURCHASE AGENCY FROM ROSS ROY

 CLEVELAND, Jan. 5 /PRNewswire/ -- Griswold, a leading Midwest, full- service, Cleveland-based advertising agency announced today its acquisition of the agency by its senior management team and key employees. The broad based group of employees headed by Patrick Morin, Griswold's chairman and chief executive officer, purchased the 82-year- old agency for an undisclosed price from Ross Roy Communications, formerly Ross Roy Group.
 "This was a great opportunity for everyone at Griswold and we took it," Morin said. "We will continue to have a working relationship with Ross Roy, but the transfer of ownership of Griswold enables us to have greater latitude in deciding what is best for our clients.
 "In today's ever increasing competitive business climate, successful agencies have to be more responsive to immediate client needs," Morin added. "Part of that responsiveness comes from being trimmer, leaner and able to make quick decisions."
 Ross Roy purchased Griswold in 1986. At that time, then Chairman and CEO of Ross Roy Group, the late Glen Fortinberry, had a vision of growth through acquisition. The company acquired several advertising agencies and communication firms throughout the country, including Griswold.
 Ross Roy, now headed by its new Chairman and CEO, Peter Mills, said, "The sale allows both agencies to concentrate on our respective client bases."
 Founded in 1912 as The Advertising Department Company, the agency became Griswold-Eshleman in 1922. The Eshleman name was dropped in 1984. Griswold remains one of the largest advertising agencies in Ohio and still retains its first client, The Lincoln Electric Company. The full service agency serves a broad based list of clients including American Electric Power, Arby's, LESCO, Martin Senour Paints, The Royal Appliance Manufacturing Co., Sherwin-Williams Automotive and Pennsylvania House.
 -0- 1/5/94
 /CONTACT: Rob Falls of Franco-Griswold Public Relations, 216-696-0229/


CO: Griswold; Ross Roy Communications ST: Ohio IN: ADV SU: TNM

KL-CM -- CL012 -- 9444 01/05/94 15:40 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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