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Moving toward a sustainable future: The innovation and transformation of the food industry

Kees Kruythoff

chairman and chief executive officer

Sir Martin Sorrell

founder & executive chairman

MDC Partners to explore sale of the company

Marketing network, MDC Partners has decided to explore a potential sale having released a statement around its strategic options.

It is uncertain whether the company will pursue any action or transaction and there is no timeline for completing the review process. The news comes amid the company's search to identify a new chief executive.

MDC Partners chief Scott Kauffman recently announced exit after three years in the job. MDC Partners already sold 15% stake to Goldman Sachs in $95m deal last year.

In a statement issued, the company said of its business strategy, that it included "ongoing efforts to engage in acquisitions of ownership interests in entities in the marketing communications services industry."

"The company intends to finance these acquisitions by using available cash from operations, from borrowings under its credit facility and through incurrence of bridge or other debt financing, any of which may increase the company's leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership," it said.

"At any given time, the company may be engaged in a number of discussions that may result in one or more acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the company's securities."

It has been rumoured that Sir Martin Sorrell may prove to be a potential suitor for the network through S4 Capital as a follow up to the acquisition of Media Monks during the summer. Within MDC Partners are agencies such as 72 and Sunny and Anomoly.