NEW YORK: MDC Partners acquired a majority interest in Sloane & Company, a PR agency that specializes in financial communications, public affairs, and crisis communications.
“We feel that in a more complex economy and in a very uncertain and changing regulatory environment for the financial community, the demand for the [communications] expertise and services is greater than ever before,” said MDC CEO Miles Nadal.
The firm was founded in 1998 by Elliot Sloane. It counts Walgreens and New York Life in its portfolio. In 2009, Sloane & Co. worked a total of 18 M&A deals valued at almost $22 million, according the Mergermarket's League Tables. Included among those deals was the restructuring of General Motors in which Sloane & Co. represented the automaker's bond holders.
Sloane, who remains CEO, said that discussions around the firm, which saw double digit growth in Q1, heated up over the last couple of months. He told PRWeek that the agency's revenues total around $10 million and include 25 staffers.
“What we're looking for in this relationship is the ability to have a partner who will help us invest in areas where we think it makes sense to expand, potentially in Washington,” he said. “Having a partner with deeper pockets who would be willing to invest in a new enterprise or operation is very exciting.”
He added that the deal will not impact management or operations at the firm, which Nadal echoed.
MDC partners includes Lime PR and Promotion, Crispin Porter & Bogusky, Veritas, HL Group, and Attention, among other marketing firms. In the past, CEO Miles Nadal has promised to continue the firm's acquisition of PR firms. In the last year, it took a stake in social media PR firm Attention. It also added marketing agency Communifix, and experiential firm Team Enterprises to its agency roster.
“We've done three acquisitions this year, and we're committed to spending up to $100 million over the next 12-18 months,” Nadal said.