Full-service agency Fahlgren Mortine announced today that it has been acquired by Memphis, TN-based Eastport Holdings, LLC.
Financial terms were not disclosed.
Columbus, OH-based FM staffs about 185 and maintains 14 additional offices around the country, including New York-based travel subsidiary Turner.
The agency in 2016 accounted for net fees totaling more than $24.4 million, accounting for year-over-year growth of nearly 19 percent, according to O’Dwyer’s rankings of PR firms.
President and CEO Neil Mortine will continue to serve as chief executive in light of the transaction, and the agency’s name will not change. Turner president Chris Turner also continues in her current role, with management of both organizations remaining in place.
“Fahlgren Mortine elected to join Eastport Holdings because of the leadership team’s willingness to invest in our business, which will allow us to reach our potential as an agency,” Mortine told O’Dwyer’s. “Perhaps more importantly, we were drawn to Eastport’s model of allowing its member companies to operate independently, which is something that has always been important to me. I am energized by what this means for Fahlgren Mortine’s future.”
Eastport now owns a portfolio of 17 media, marketing and advertising companies throughout the U.S.