MS&L buys Agnew to form dollars 6m Boston firm

BOSTON: After resisting a number of offers from other firms, Agnew, Carter, McCarthy has been acquired by Manning, Selvage & Lee.

BOSTON: After resisting a number of offers from other firms, Agnew, Carter, McCarthy has been acquired by Manning, Selvage & Lee.

BOSTON: After resisting a number of offers from other firms, Agnew,

Carter, McCarthy has been acquired by Manning, Selvage & Lee.



The merger, which combines ACM’s generalist practice with MS&L/Boston’s

hi-tech focus, creates a dollars 6 million firm that would have placed

eighth in PRWeek’s Boston agency rankings (PRWeek, July 26). The newly

merged agency, which will be called Agnew Carter/MS&L, will be based out

of ACM’s offices and employ 55 pros.



While terms of the deal were not disclosed, Skip Pile, president of

management consulting firm Pile & Co., said ACM could have fetched a

price between dollars 2.1 to dollars 5 million in cash and/or stock,

assuming the shop is profitable.



MS&L was an unlikely suitor for ACM, given that the agency already had a

Boston office and that other global firms, including Ruder Finn, Cohn &

Wolfe and Rowland Worldwide, were said to be in the hunt for a Boston

shop.



But MS&L/Boston is rumored to have experienced difficulties in recent

months and recently lost managing director Anne Wright to Hill &

Knowlton.



MS&L chairman and CEO Lou Capozzi denied that the acquisition was

related to MS&L/Boston’s performance.



’Agnew, Carter, McCarthy is a perfect complement to the rest of our

business,’ said Capozzi. ’Our Boston office was exclusively hi-tech, and

ACM handles corporate, healthcare and consumer, which are our four

global practice areas.’



Lew Carter becomes managing director of Agnew Carter/MS&L and Jack Agnew

becomes senior counsel. The management team will also include SVPs Phil

Gloudemans, Sandy Judd, Jon Kasle and Bea Schembri. Agnew Carter/MS&L’s

four practice areas will be headed by local practice leaders who will

collaborate with their counterparts in other MS&L outposts.



’One of the things that was most intriguing about MS&L is its collegial

work atmosphere,’ said Carter. ’The chemistry between the two firms is

terrific, and as the market changes, the depth of service that MS&L can

provide is a real asset.’



ACM had 1998 income of dollars 3,656,451, while MS&L/Boston notched

dollars 1,799,500.



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