Sard Verbinnen & Co., which saw management buy the firm out from the UK's Huntsworth in 2007, is in talks to sell a 40 percent stake to a San Francisco private equity firm.
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The stake would be worth $60M, according to the New York Times, which reported the firm is in talks with Golden Gate Capital.
The talks have sparked a reported minor upheaval at the firm, where a handful of employees have left in recent days. However, the Times reported 24 of the firm's 27 partners agreed to the deal, which would see Golden Gate buy 40% of their individual stakes.
Sard announced the addition of Blackstone and Goldman Sachs PR alum Peter Rose this week.
George Sard and Paul Verbinnen, who founded the firm in 1992 after stints at Ogilvy Adams & Rinehart, bought the firm out of Huntsworth for $20M in 2007, when it was known as Citigate Sard Verbinnen.
The recent departures included partner and managing director Daniel Gagnier, who opened Gagnier Communications, managing director Rene Soto, and 17-year alum and managing director Jonathan Gasthalter, who has opened Gasthalter & Co. in New York.
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