New York-based private equity firm High Road Capital Partners has acquired marketing agency Ariad Communications of Toronto.
Ariad, which has 120 employees will combine with Bluespire Marketing — a 130-employee U.S.-based marketing firm based in Minneapolis-Saint Paul. Both agencies will continue to operate under their respective banners.
Ariad president Michael Beckerman becomes CEO of the combined North American agency.
The move allows Ariad’s founder and majority owner Hugh Furneaux, who retired nine years ago, to formally exit the business.
“We’ve been looking for the right exit for Hugh,” says Beckerman. “Hugh was looking to get equity out of the company. At the same time, we’ve been looking for expansion opportunities in the U.S. Many of our Canadian clients who have a presence in the U.S. have been interested in Ariad doing more business in the U.S.”
Bluespire provides a variety of strategic marketing, technology and content solutions for U.S.-based organizations. The company also has offices in New Jersey, Florida and Connecticut.
“Our shared expertise in healthcare and financial services along with Ariad’s expanded capabilities in consumer packaged goods and B2B make this combination exciting on both sides of the Canada-U.S. border,” said Tyler Norenberg, president of Bluespire Marketing—Healthcare and Financial Markets, in a statement.
Bluespire has three business units – Healthcare, Financial and Senior Living. In particular, senior living is “an area of subject expertise that we’re looking forward to bring into Canada,” Beckerman says.
Beckerman, who has been at Ariad for nine years, is rolling over his minority Ariad stake into the new entity.
He says the transaction has been in the works for six months and that Bluespire’s culture fits well with Ariad.
There will be no job losses stemming from the transaction. “Actually I think it’s the opposite of that,” Beckerman says. “I think there’s going to be some expanded opportunities for some people that want to take on North American responsibilities. This is very much about growth.”
Founded in 1989, Ariad got its start as a custom publishing company that produced newsletters. Its clients now include Unilever, Degree, Johnson & Johnson, Colliers, Becel and Visa.
