MDC Partners, a Toronto-headquartered network of advertising and marketing practitioners in Canada, the US and the UK, this week agreed to acquire a 60% stake in respected New York shop Kirshenbaum Bond & Partners. Terms were not disclosed.
Enthused MDC's chairman/ceo Miles Nadal: "Kirshenbaum is one of the best independent agencies of significant size left in America. We are getting in at the ground floor of a company that is prime for real growth."
KB&P, one of Madison Avenue's leading creative shops, pulled revenues of around $40 million (€32.29m; £22.08m) in 2003 from a client list that includes Verizon Communications, Japenese skincare specialist Andrew Jergens and Citibank.
MDC, which trades on the Nasdaq Stock Market, has a market capitalization of about $250 million. Its agency portfolio includes 49% of Miami's Crispin Porter + Bogusky -- the winner earlier this week of Burger King's estimated $350 million creative business.
Unlike some other agency holding companies, MDC has a unique credo for working with its partner shops: if it ain't broke, don't fix it!
Data sourced from: The Wall Street Journal Online; additional content by WARC staff