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.
|
|
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.
4media group completes its acquisition of Family Features Editorial Syndicate... Illumination PR, which represents lifestyle brands, influencers and celebrities, launches DR Media Group... EAG Advertising and Marketing acquires pay-for-performance firm INK inc. Public Relations. 
LLYC launches Signs of Pride, a campaign that revives the original protest banners of the first Pride marches... The Abu Dhabi Chamber of Commerce and Industry forms the Public Relations and Digital Marketing Working Group... Circle of One Marketing, a Miami-based, minority-owned marketing agency, is named official agency of record for Big Brothers Big Sisters of Miami. 
Vogel Group, a DC-headquartered government affairs and consulting firm, forms a strategic partnership with Montreal-based public affairs firm Boléro Stratégies... Matter Communications launches project-based offerings for B2C companies looking to increase brand awareness and visibility... Tucker/Hall, a Tampa-based PR and public affairs firm, opens a new office in Orlando. 
Why investing in public relations is ultimately about building bridges in a connected world.
Edelman is laying off 330 people (5.3 percent of its workforce) to cope with an anticipated eight percent shortfall in 2024 US revenues, and client demand for one-stop shopping for speciality services.
