Ad agency Olson is bought for $295 million
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- Mark Reilly
- Managing Editor- Minneapolis / St. Paul Business Journal
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Olson, the largest ad agency in the Twin Cities — and one of the largest independent shops in the country — has agreed to be bought. But not by another ad firm.
Instead, it's selling to ICF International of Fairfax, Va., a technology consulting firm, which will pay $295 million to KRG Capital Partners (Olson's private equity owner) and other minority shareholders . AdWeek reports the all-cash deal is set to close by mid-November; Olson CEO John Partilla will continue to lead the agency as a unit of ICF.
RELATED: The Biggest Advertising Agencies in the Twin Cities
The Star Tribune has a take on what the deal could mean for Olson, whose clients include Amtrak, Target and Luxottica. Among the biggest advantages would be more international clients, owing to the broader reach of ICF.
RELATED: Q&A with John Partilla
Traditionally, ad firms are bought by larger ad or media companies, or they stay independent. But that's starting to change, notes AdAge, as tech consultancies see value in the consumer insights that ad experts have.
Mark Reilly manages daily and weekly coverage at the Business Journal newsroom.
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Major Gifts Officer UW-Eau Claire Unit of Alumni/Development | Eau Claire, WI
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Accounting Supervisor Kansas City Area Transportation Authority | Kansas City, MO
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Buyer II Kansas City Area Transportation Authority | Kansas City, MO
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Work For: Polaris Industries Polaris Industries | Minneapolis, MN
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Payroll Supervisor Kansas City Area Transportation Authority | Kansas City, MO
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