Agency Multiples

Acquisitions are always a bit hard to decipher and tend to be as quickly forgotten as the ink dries and the integration issues start to kick in.  To remember a bit I’ve decided to keep a little notebook page here as I stumble across and untangle deals.  Note:  This is hardly scientific, I made an active choice not to be an investment banker when I left business school.


2009 – Sold to Publicis – Sold for $530m


2006 – Sold to Publicis – Rev $550m – Ebitda 50m – Sold for $786m  (1.4x rev, 17x EBITDA)

2005 – $565m

2004 – $382m

2003 – $311m


2006 – Sold to General Atlantic – Rev $70m (expected $100m in 2007) – Sold for $250m (3.6x?)

Modem –

2004 – Rev 70m  – val 200m (3x?)


2005 – Rev $1.0b  – val $1.75b (1.75x)


2007 – Acquired by Cossette – GP 10m for 65%