Gould+Partners advises NJRPR in Sale to MMGY Global
By Matthew Schwartz
Gould+Partners is pleased to announce that managing partner Rick Gould advised NJFPR in the PR firm’s sale to MMGY Global, which combines two of the top PR and marketing firms specializing in the travel and hospitality sectors.
NJFPR, founded by Nancy J. Friedman, will now be able to offer clients PR strategy as part of a fully integrated marketing firm. This encompasses expanded products and services in media relations, social media, experiential marketing and event marketing.
“Nancy has run a great firm for many years,” said Rick Gould, CPA, J.D., who advised NJFPR on the various terms and deal points for the transaction. “Her firm’s brand and ability to manage account teams and client programs will add to the depth of MMGY.”
Gould added that the MMGY acquisition of NJFPR reflects an accelerating trend throughout the PR profession. “Many agency owners and CEOs are at the ideal time in their career to monetize their asset—the firm—and move into a larger playing field with the capital, depth of talent and digital capabilities of the acquiring firm.”
The NJFPR acquisition doubles the size of MMGY’s PR practice and New York City office.The firm will be rebranded as NJF, an MMGY Global Company. Friedman, president-CEO, will play an active role in the new entity.
“Together, the newly combined NJF will offer existing and prospective clients expanded ideas and expertise,” said Clayton Reid, president-CEO of MMGY Global, in a statement. “Plus, adding a thought leader of Nancy’s caliber brings an incredible asset to our overall firm.”
NJFPR is the second acquisition by MMGY since private equity firm Peninsula Capital Partners made a significant investment in MMGY earlier this year.
Richard Goldstein, partner at Buchbinder Tunick & Co. LLP, also advised NJFPR on financial and tax matters for the transaction, working closely with Rick Gould.
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Gould+Partners provides M&A consulting services for Public Relations Firms and Digital Media Agencies for increased profitability and is the PR industry source for key profitability benchmarking statistics/insights and successful mergers & acquisitions (M&A) transactions. From our experience gathering and evaluating relevant statistics and insights, we are uniquely qualified to advise and counsel our clients on what is needed to grow and become best in class. Consulting Digital and Public Relations Firms to a new level of success is our specialty and privilege.