Wed, 21 May 2014 13:16:55 GMT
The Carlyle Group has agreed to acquire a majority interest in Talent Partners, a New York-based talent payroll, production support services and rights management solutions provider to the advertising industry. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2014. Equity for the investment will come from the Carlyle Equity Opportunity Fund.
In its nearly 50-year history, Talent Partners has grown from a specialty payroll company focused on commercial talent to a provider of more than 125 essential services, including talent negotiations and business affairs, traffic and clearance, rights and royalty management and signatory services. The firm's 750+ client roster includes 23 of the Top 25 largest U.S. advertising agencies and 23 of the Top 25 largest U.S. advertisers.
"Carlyle's investment is a validation of our vision for the future," said Paul Muratore, President and Chief Executive Officer, Talent Partners. "It provides us with the resources to deliver new and innovative services to our clients and accelerate our global growth."
David Stonehill, Carlyle Managing Director, said, "We are impressed by the diverse, global capabilities of Talent Partners, its long-standing relationships with and the quality of its client roster, and its growth potential. We look forward to working with Paul and his team to expand their services to new and existing clients in the U.S. and around the world."
Paul Muratore will continue in his position as President and Chief Executive Officer. Longtime investor Michael Donovan, who also serves as Executive Chairman of Mediaocean, will retain an investment stake in Talent Partners. "Carlyle's commitment will help accelerate the growth and market share of Talent Partners," added Donovan.
Also at this time, Matthew Kearney will join Talent Partners as Executive Chair of its Board of Directors. In this capacity, Kearney will be responsible for identifying and pursuing digital business opportunities in the advertising and media industries for Talent Partners. Prior to joining Talent Partners he served as Chairman of the international branding agency CO OP, as CEO of the U.S. for Daily Mail Online and as President and CEO of cinema advertiser, Screenvision.