Diana Marszalek 20 May 2021 // 1:48AM GMT
NEW YORK — Finn Partners has bought back Stagwell Group’s minority stake in the firm, putting an end to the companies’ four-plus year financial partnership.
“Stagwell made a minority investment in Finn in 2017. Since that time, Finn has almost doubled in size, and I am grateful to Mark Penn, CEO, Stagwell, and his team, for their support in making this possible,” said Finn Partners CEO and founding partner Peter Finn.
As part of the separation, Finn gave up its interest in Wye Communications, selling its shares in the jointly owned conflict shop to Stagwell.
Finn and Stagwell have parted ways “amicably” after a “very mutually beneficial” partnership that helped the agency scale globally, Finn Partners said. By 2020, the agency had grown into a $110 million operation with 750 people across 20 offices.
Stagwell, meantime, has significantly increased its portfolio of PR agencies.
In 2018, the private equity firm led by Penn, a former Burson-Marsteller chief executive, invested $100 million in holding company MDC Partners.
Penn, who is MDC’s chairman and CEO, is on track to merge Stagwell and MDC, whose PR firms include Allison+Partners, Exponent, Hunter, KWT and Canadian firm Veritas. Stagwell also owns public affairs firm SKDKnickerbocker.