ATLANTA Just weeks after doubling its size with the acquisition of The IAC Group, Hispanic ad agency Machado/Garcia-Serra is planning a national expansion.
The independent Miami agency said it would open an office in New York early next year, with other locations planned later in Chicago and Los Angeles.
The New York office will be staffed by five people, including creative, media buying and account service personnel, said Manuel Machado, CEO of the agency. They will work with the agency's client, Olive Oil from Andalusia, Spain, to produce a national branding campaign for the olive oil industry. About 80 percent of the olive oil consumed in the world is produced in Andalusia, Spain, according to client.
Machado/Garcia-Serra, which opened last year, acquired controlling interest in The IAC Group last month. IAC , a Hispanic marketing agency that has been operating in Miami for the past 20 years, increased MGS' billings to $45 million from $15 million this year and more than doubled its staff to 43 from 21 before the acquisition.
According to the Association of Hispanic Advertising Agencies, the trade group that represents the industry, the acquisition made MGS the 20th largest Hispanic ad shop in the nation.
The terms of the deal were not disclosed, but MGS financed it without outside investors, Machado said. Machado and his partner, Al Garcia-Serra, are co-chairmen of the agency. Garcia-Serra also is the shop's chief operating officer. Ana Marie Fernandez-Haar, founder and former CEO of The IAC Group, is chairman emeritus of the agency. Gabriela Alcantara-Diaz, former executive vice president of The IAC Group, now is executive vice president and a principal of MGS.
Machado said he plans more acquisitions. "We want to create a Hispanic-owned holding company," he said. "This is the first step."