COLUMBUS, OHIO: Eastport Holdings has acquired Fahlgren Mortine.
Fahlgren will keep its brand as a wholly owned Eastport entity. The holding company now owns 17 U.S. media, marketing, and advertising shops. Fahlgren Mortine president and CEO Neil Mortine will retain his title and position.
The Fahlgren family board, made up of three family members, will be dissolved as a result of the deal. Mortine will have a small economic interest in Eastport, but won’t have a spot on the board or be part of its core ownership, he said.
Chris Turner, president of Fahlgren-owned Turner, will also retain her position. Fahlgren acquired the lifestyle and travel boutique in 2014.
Fahlgren has had many suitors over the years, and Mortine said the firm has been "fierce advocates for independence," but it took on a buyer in order to grow, he said. Mortine highlighted the opportunity to offer attractive employee compensation to recruit top talent, and noted that Eastport has a history of allowing its firms to operate independently.
"To me, it’s all about growth," said Mortine, who agreed to stay on for at least four years. "If you’re not growing, you’re sliding."
Mortine said Fahlgren achieved more than $30 million in revenue in 2017, a 23% increase over the year prior.