Consulting firm ICF International has moved to acquire Minneapolis consumer ad/PR/digital agency Olson for $295M in cash.
Olson, with 545 staffers, posted $126M in revenues in 2013. In addition to its Twin Cities base, it has offices in Chicago, Toronto, Austin, San Francisco and New York. The firm will continue to operate under its name.
 Partilla |
Fairfax, Va.-based ICF handles a wide range of services, from strategic communications and policy consulting, to IT solutions and management consulting.
Its major projects, many government based, included the Louisiana Road Home disaster relief project after Hurricane Katrina and consulting several regional governments about developing plug-in electric vehicle readiness plans.
Olson execs said they chose ICF over a number of potential suitors, including traditional ad holding companies, because it seemed like a complementary fit. CEO John Partilla called the deal "an additive and innovative move" that benefits clients and will drive growth of the agency here and abroad.
ICF chairman and CEO Sudhakar Kesavan said clients are more often relying on mobile platforms, social media and digital for interactions with customers and stakeholders, adding that the Olson acquisition will help the company guide clients through the "digital revolution."
ICF, which had second quarter revenue of $263.9M, said it will make the purchase with cash from private equity firm KRG Capital Partners and other minority shareholders.
Fifty-two percent of ICF revenues were derived from federal government work in Q2.
Recent big PR wins for Olson included Planters and Trulia, as well as social media duties for Reynolds Consumer Products. Weber Shandwick alum Bruan Specht leads its PR operation, Olson Engage.
The deal is slated to close by mid-November. It has worked with blue chip clients like Oscar Meyer, Target, Best Buy and MillerCoors.
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