MDC Partners has acquired a majority stake in Kwittken & Company, a deal worth an estimated $10 million to $15 million, according to The New York Times. Kwittken will become an operating unit of Kirshenbaum Bond Senecal & Partners (KBS&P), the company’s second largest agency behind Crispin Porter & Bogusky. The story says that Kwittken has annual revenue totaling about $10 million and counts Thomson Reuters among its clients. Aaron Kwittken will continue as chief executive and managing partner, reporting to Lori Senecal, president and chief executive at KBS&P. The firm will retain all 22 of its employees.
The deal is the third in five months between MDC and a PR firm. The others were Sloane & Company in April and Allison & Partners in May. The transaction is the sixth overall for MDC since last September.
“P.R. is taking on a higher strategic importance based on its unique role in amplifying a brand’s message in today’s digitally focused, social media world,” Senecal tells the Times.
Update: PRNewser spoke with Jason Schlossberg, president of Kwittken & Company, about the impact of the transaction.