Stagwell Media Acquires Majority Stake In PMX Agency
by Laurie Sullivan @lauriesullivan, August 2, 2016
The investment firm Stagwell Group has acquired a majority stake in performance marketing firm PMX Agency, which recently rebranded by pulling together its two businesses, Paradysz and PM Digital.
PMX Agency will continue to operate independently from Stagwell Group as a stand-alone agency run by the current management team.
Stagwell Group, an investment advisory company formed by Mark Penn who serves as the Managing Partner of Stagwell Media counts its investment in PMX Agency as its fourth acquisition in marketing services, joining strategic communications firm SKDKnickerbocker, entertainment research firm National Research Group, and digital marketing agency Code and Theory.
Co-CEOs Chris Paradysz and Mike Cousineau will continue to lead the agency, supported by about 300 employees. Paradysz and Cousineau will report to Penn.
“We are, of course, thrilled about what got announced today and to be part of something that’s so special and highly unique,” Paradysz wrote in an email to Search Marketing Daily. “They reflect what we were looking for in an investor and partner.”
He said clients need partners that not only understand their growth and critical business challenges but invest and commit their organizations to help solve for them.
“There’s nothing flashy about it,” Paradysz wrote. “It’s hard work to understand the consumer and to build global marketing solutions that work.”
PMX Agency, headquartered in New York City, focuses on supporting retail, financial services, education, publishing, technology, nonprofit and B2B. Clients include The North Face, the American Heart Association and Dow Jones.
“In the transition to digital, performance marketing is one of the most important fields for our clients and the team at PMX Agency has a tremendous amount of experience helping companies, particularly in the retail world, transform successfully,” said Stagwell Group President and Managing Partner Mark Penn, in a statement.
Global financial services firm BTIG advised PMX Agency through the process. Financial terms of the deal were not disclosed.
MediaPost.com: Search Marketing Daily
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