The Stagwell Group and Finn Partners 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.”