Dan Gardner & Brandon RalphDan Gardner & Brandon Ralph

The Stagwell Group, the private equity fund of pollster Mark Penn, has acquired New York-based digital agency Code and Theory.

The 14-year-old firm has 300 staffers in New York, Atlanta, London, San Francisco and Manila, the Philippines. It has conducted major digital overhauls for Bloomberg and the Los Angeles Times, in addition to brand work for Dr. Pepper, Burger King and Maybelline, among others.

The acquisition follows Stagwell's buy of SKDKnickerbocker in October and Nielsen NRG in November. Penn has said the firm could use its $250M in capital to leverage and build a marketing holding company.

Like its previous acquisitions, C&T will continue to operate under current management as an independent entity. "We're looking forward to working with Stagwell to take our company to the next level," said partner, Brandon Ralph (right), who co-founded the firm with Dan Gardner (left).