NEW YORK and WASHINGTON, Sept. 21, 2016 /PRNewswire/ -- The Stagwell Group (www.stagwellgroup.com) and Finn Partners (www.finnpartners.com) today announced that Stagwell has made a preferred share investment in Finn Partners and the two firms will also create a new public relations agency as a joint venture.
As part of the deal, the Stagwell Group has purchased preferred stock in Finn Partners carrying future conversion rights to a minority interest in the firm. Since its launch in December 2011, Finn Partners has more than tripled in size and this investment will support its growth going forward. As this is a minority investment, there is no change in management, structure or operations of Finn Partners. Stagwell Group's Managing Partner Mark Penn will join Peter Finn on the Finn Partners board.
In addition, the Stagwell Group and Finn Partners will create a new jointly-owned public relations agency, Wye Communications. Wye will draw on the talents of the Stagwell Group's and Finn Partners' combined 1350+ professionals around the world to provide innovative services for Stagwell clients and serve conflicts for Finn Partners. Wye Communications will be headquartered in the US and serve clients globally and Stagwell will have a controlling interest in the firm.
"We are delighted to invest in the tremendous growth of Finn Partners," said Stagwell Group Managing Partner Mark Penn, "and are looking forward to helping both Finn Partners and Wye Communications grow. We believe there is strong client desire for the kind of digital, creative forward-thinking work we can do together."
Peter Finn, founding managing partner and CEO of Finn Partners, said, "We have been on a rapid growth trajectory. Stagwell's investment enhances our ability to continue to build Finn Partners into a world class global agency that provides critical services to clients globally, including clients in arts, health, consumer, technology, education, travel, and corporate and public affairs, as well as professional and financial services. The joint ownership of Wye Communications makes this new partnership that much more exciting for us."
Further terms of the deals were not disclosed.
About Finn Partners, Inc.
Finn Partners was launched in late 2011 to realize Peter Finn's vision to create a leading communications agency dedicated to shaping a bold new future in which innovation, collaboration and partnership are strong brand drivers. Finn Partners specializes in the full spectrum of marketing, public relations and public affairs services, including digital and social media. Practice areas include arts, consumer, CSR and social impact, education, financial services, health, technology and travel & lifestyle. Headquartered in New York City, the company has approximately 550 employees, 13 offices around the world and offers international capabilities through its own global network and PROI Worldwide. Find us at www.finnpartners.com and follow us on Twitter @finnpartners.
About the Stagwell Group
The Stagwell Group LLC is a registered investment advisory company formed by Mark Penn who serves as the Managing Partner of Stagwell Media LLC, a private equity fund. The Stagwell Group includes PMX Agency, a leading integrated performance-driven global marketing firm, creative digital firm Code and Theory, strategic communications firm SKDKnickerbocker and entertainment research firm National Research Group (NRG). The fund previously announced it has raised $250 million in capital and may leverage that to make up to $750 million in acquisitions. Online at www.stagwellgroup.com.
Stagwell: Jay Leveton
Finn Partners: Renee Martin
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SOURCE Finn Partners