Holding company MDC Partners (NSDQ: MDCA) announced today it has acquired a majority interest in New York-based PR agency Sloane & Company.
Sloane & Company chief executive officer Elliot Sloane told PRNewser in a phone interview today, “it’s a great transaction for our firm. It’s strong validation for our model, for our success, for type of work that we do.”
Sloane also said that he “didn’t have a banker,” and “wasn’t shopping the firm.” He has known MDC Partners chairman and CEO Miles Nadal for many years and said, “this is something we had been talking about on and off for a number of years.” Terms of the deal were not disclosed.
“We believe that most of the innovative initiatives happening in marketing communications today are happening within the public relations arena,” said Nadal in a release announcing the acquisition.
Sloane & Company specializes in financial communications, public affairs, and crisis communications. Its clients include Walgreens, New York Life, Medtronic, T. Boone Pickens, TiVo and Business Bermuda.
MDC Partner’s other holdings include Crispin, Porter & Bogusky, Media Kitchen, Veritas Communications and Lime Public Relations + Promotion.
In September 2009, MDC invested in social media focused agency Attention.