NEW YORK: ICR has sold an undisclosed stake to Investcorp, a provider and manager of investment services.
The senior team of the comms firm will retain a "significant ownership stake," according to a statement. It was not immediately clear what portion of the business that stake represents.
The deal will be used to accelerate ICR’s organic growth, "identifying complementary acquisitions and expanding the business globally."
After executing on a five-year plan developed in 2012, CEO Tom Ryan said ICR drew up a new plan for the next five years in a statement.
"We felt there was so much opportunity across the global communications landscape that we could not pursue it alone," Ryan told PRWeek. "Establishing a strategic partnership like this allows us to really think big and capitalize on the growth opportunities we see in the market."
ICR grew revenue by 15% last year to $63.4 million, rebounding after a flat 2016, Ryan told PRWeek in a separate interview.
"For an agency our size that’s never done an acquisition, that was a pretty strong performance," Ryan said. "Probably a third of that is new client growth, and two-thirds is solving more problems for our existing client base with other products and things like that."
Last year, ICR won business with Darden Restaurants, MongoDB, and Atkins Nutritionals, Ryan said.
Also, the agency rolled out the ICR Lifestyle Lab, a new consumer practice. ICR reported it brought in $1.05 million. ICR’s advisory business, which launched in 2015, also saw growth, working on nine transactions in 2017, Ryan said.
ICR has 186 staffers and 550 clients in the U.S. and China, with offices in New York, Norwalk, Boston, San Francisco, and Beijing, a statement said.
Investcorp, founded in 1982, has $22.2 billion in total assets under management, as of the end of last year, a statement said. It has 390 staffers.