The acquisition, which is expected to be finalized shortly, will enable DMB&B to merge Saugatuck into its growing Clarion Marketing and Communications unit in Greenwich, Conn., headed by president/ceo Ray Rizzo. DMB&B has been on the prowl for Saugatuck for several months (ADWEEK, Jan. 18).
Founded in 1979, Saugatuck has estimated billings of $55 million and services clients such as British Airways, Southwestern Bell and New York Telephone. Previously, the agency attempted to buy itself back from its Minneapolis-based parent, Carlson Cos., before the shop agreed to the DMB&B deal.
Sources said that DMB&B's strong balance sheet may lead to more acquisitions. DMB&B, which bills some $4.7 billion worldwide, is scouting for more ad and below-the-line agencies in both the U.S. and abroad.
Copyright Adweek L.P. (1993)