Stagwell Group Invests In Startup Agency Wolfgang
Mark Penn’s Stagwell Group has bought a minority stake in startup agency Wolfgang, recently founded by agency veterans Mike Geiger (CEO), Seema Miller (President & Chief Strategy Officer) and Colin Jeffrey (Chief Creative Officer).
Terms weren’t disclosed, although Stagwell said it has an option to buy a majority position in the agency at some point in the future.
The new Los Angeles-based agency positions itself as combining advertising with consulting and technology.
“Wolfgang is a new kind of agency, a creative consultancy, purposefully built for the modern age,” stated Penn, who founded marketing investment firm Stagwell in 2015. “We are big fans of Wolfgang’s creative and strategic point of view and believe they can help clients bring their advertising to a new level.”
Wolfgang is part of Stagwell’s “marketing incubator” program. The Wolfgang founders previously served at El Segundo, CA-based David & Goliath.
The Stagwell portfolio of companies also includes research firm Harris Insights & Analytics, performance marketing firm PMX Agency, digital creative shop Code and Theory, strategic communications agency SKDKnickerbocker, entertainment research firm National Research Group (NRG), PR firm Finn Partners and others.
Wolfgang’s Geiger said he believes the Stagwell investment “will help us achieve our mission of bridging the gap between management consulting and advertising even further.”
Stagwell has raised $250 million in capital and has said it may leverage that to make up to $750 million in acquisitions.
by Steve McClellanRead the full article here