In the midst of a growth phase, Toronto agency Cundari has added “bench strength” to its digital expertise with the acquisition of Toronto boutique agency Quizative. Financial terms of the deal were not disclosed.
Cundari founder and CEO Aldo Cundari told Marketing that while his namesake agency already boasted “very robust” digital capabilities, it needed to add resources to meet the demands created by the addition of several new assignments, including CIBC’s digital work, Maple Leaf Foods and Allan Candy.
“When you’re rapidly growing, you can either hire groups of people and have them work together, or sometimes it actually makes sense – if the synergy, quality and creativity is there – to acquire [a company] and fold it in, giving you a nucleus that’s already been working together,” he said.
Quizative founder Adrian Capobianco said the sale resulted from a strategic assessment of the agency conducted in the fall. While the agency has grown steadily since it was established in 2008, Capobianco said the deal provided a perfect opportunity to align with an agency boasting a sterling reputation that is also in the midst of a boom period.
Some networked agencies were in the mix early, he said, but Cundari quickly emerged as a more credible partner. “When it comes to having an environment that’s similar to the one you’ve created, you kind of lean towards independents as being more flexible, dynamic and able to do these types of deals,” said Capobianco. “It’s an environment that fits well with our attitude and our approach to work.”
The Quizative operations, including six full-time staffers, have already been folded into Cundari, with the Quizative name likely being phased out over the next six to 12 months.
Current Quizative clients, which include Jamieson Vitamins, Canadian Management Centre and Panasonic, will remain with the agency, said Capobianco.
No full-time positions were eliminated as a result of the sale, said Capobianco, who assumes the role of managing director, digital with Cundari. Quizative partner and vice-president of strategy Allison Laux takes over as strategic business director with the agency.
Cundari said his agency is actively looking to grow through a combination of new business, organic growth and acquisition and hinted that a U.S. acquisition could happen in the next few months.
