NEW YORK: The Stagwell Group has sold its minority investment of Finn Partners back to the agency and the two companies have separated amicably, according to a statement from Finn Partners.
Stagwell made a minority investment in the agency in 2017, as a way to fuel the firm's expansion into new geographies and industry sectors, Finn Partners CEO and founding partner Peter Finn told PRWeek in a previous interview.
"Since that time, Finn has almost doubled in size, and I am grateful to Mark Penn [president and managing partner of The Stagwell Group] and his team for their support in making this possible,” Finn said.
As part of the deal, Finn Partners sold its stake in Wye Communications, which was established as a jointly-owned conflict shop for both Finn Partners and Stagwell clients.
“We were glad to partner with Finn Partners over the last several years,” a spokesperson from Stagwell Group told PRWeek via email. “Finn Partners nearly doubled in size during the course of the partnership, and we’re excited for their future success.”
Stagwell, which also owns SKDKnickerbocker, Sloane & Co, Allison + Partners, Hunter and KWT Global, is in the process of merging with MDC Partners. MDC's board approved the transaction in December 2020.
Finn Partners' global revenue dropped 9% in 2020 to $108 million, according to PRWeek's Agency Business Report.