MDC Partners, the mini-advertising conglom, has acquired a majority stake in Sloane & Co., the New York City financial firm that has counseled New York Life, Walgreens, TiVO and Boone Pickens’ wind energy project.
Elliot Sloane believes the partnership with the Toronto-based diversified communications shop represents a “great validation” of his business. He likes MDC chief Miles Nadal’s track record of investing, mentoring and providing resources to top-tier firms.
MDC’s units include Crispin Porter & Bogusky, kirshenbaum bond senecal + partners, Lime PR & Promotion, and Fletcher Martin.
Nadal is bullish on PR. He says the “innovative initiatives happening in marketing communications today are happening within the public relations arena.”
PR’s strength is the ability to “deliver measurable results in a shorter and shorter time frame,” according to the acquisition announcement.
Nadal praised Sloane and his management team for an “outstanding track record of providing real value to their clients.” He views the firm’s ability to offer “strategic communications expertise to c-suite clients is invaluable.”
Publicly traded MDC is listed on the NASDAQ. Shares are trading at $10.69, off a bit from their $11.20 52-week high.
The stock traded as low as $3.21 during the past year. |