Canadian marketing communications firm Maxxcom has acquired a majority interest in Fletcher Martin Associates.
A division of Toronto's MDC Corp., Maxxcom paid $2.3 million cash on closing for the $56 million Atlanta agency, which counts RTM Restaurant Group and Merchant's Tire among its clients. Undisclosed additional payments hinge upon predetermined earnings targets.
Fletcher Martin chief executive Andy Fletcher said the move was made to accelerate the agency's growth, while minority ownership would still allow "direct responsibility for our success."
As of Jan. 1, the agency will be renamed Fletcher Martin Ewing Associates, reflecting chief creative officer Michael Ewing being named a partner. --T.W. Siebert