Sage Holdings buys out M: Comms in £90m deal

City agency M: Communications has merged with a private equity backed firm as it looks for funding for further acquisitions.

Sage Holdings, which is backed by the Riverside Company, spent £90m on M: and DF King & Co, a proxy solicitation firm.

DF King forms the larger part of the deal, but the actual value of M: is undisclosed.

'In one sense this gives us a war chest to make strategic acquisitions,' said M: co-founder Nick Miles. He was bullish about the agency's future and said the deal confirmed his and co-founder Hugh Morrison's commitment to the firm.

'We had one approach for M: the day before we started in 2002,' said Miles. 'But we waited until something of value came along. This provides our broad-based and solid business with investment for the future.'

Miles said some of the funds would invest in 'new and experienced talent' at the agency.

Last July, M: was hired by the British Venture Capital Association to manage coverage of The Walker Report into private equity (PRWeek, 13 July 2007).

Anthony Hilton, p11.

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