MDC completes another acquisition

NEW YORK: MDC Partners has acquired a majority interest in Relevent, a New York-based experiential marketing firm.

NEW YORK: MDC Partners has acquired a majority interest in Relevent, a New York-based experiential marketing firm.

It is the company's eighth deal this year, following its acquisition of PR firms including Allison & Partners and Sloane & Company.

Last week, MDC revealed Q2 revenues of $170 million, up from $134.9 million in the same period last year. EBITDA profits decreased slightly from $18.5 million to $18.3 million.

In the earnings statement, chief financial officer David Doft said the group's strategic acquisitions are all operating "on or ahead of expectations" and "contributing positively to our financial performance".

"Our results for June were up dramatically year over year and give us great confidence in our momentum for the rest of 2010," he added.

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