Travers Collins, which lost its investor relations unit in a defection last fall, has aligned with start-up firm Park Avenue Investor Relations to provide IR services to clients.
TC principal Bill Collins said the firm plans to “not only re-engage past clients, but also work together to identify and secure new opportunities across multiple industries.
Park Avenue is led by Tom Morabito, a former analyst and IR vet of publicly traded companies like The TJX Companies, Developer’s Diversified Realty and Paetec Communications.
Morabito noted a “scarcity” of experienced PR, advertising and IR firms in the Buffalo region, while adding that the partnership will extend beyond the area as senior IR counsel “is no longer geography-dependent.”
The firms said each will retain its independent ownership structure and offices.
TC, which is part of the Worldcom network of PR firms, in October sued its departing IR staff of five and their start-up firm, Casteel Schoenborn, for violating non-compete agreements and misappropriation, among other charges. TC's IR practice was generating from mid to high six-figure revenue for the firm before the staffers' exit.
The suit remains active.