GRAND RAPIDS – Lambert, Edwards & Associates Inc., already one of the largest pubic relations agencies in the state, got bigger this week when the company announced it had acquired Owen Blicksilver Public Relations Inc. of New York City. Terms of the deal were not announced.
Through this acquisition, Lambert Edwards created a top 10 investor relations, transaction, and financial communications company and also adds an experienced team in financial communications. Combined they will serve more than 150 clients. Lambert Edwards also has an office in downtown Detroit. The agency is booking $10 million a year in revenue.
The deal is the fifth for Lambert Edwards and largest to date, “and we expect it to be our most impactful,” said CEO and Managing Partner Jeff Lambert.
“Our firm is rooted in financial communications, and this business mindset differentiates us among our PR firm peers nationally, making this acquisition such a strong strategic fit,” Lambert said. “The addition of Blicksilver addresses several of our strategic growth objectives including expanding our geographic reach, adding to our national practice areas in investor relations and financial communications, and multiplying our talent bench of C-level advisors.”
Lambert Edwards and Blicksilver, founded in 2001 by Owen Blicksilver, will each operate under their respective brands, have a combined staff of 65 and a client roster of publicly traded and privately held companies based in 20 states and six countries.
Lambert said from day one Lambert Edwards has developed national practice areas, such as investor relations and consumers. The latest acquisition positions Lambert Edwards as a major financial PR agency in New York City, the No. 1 media and capital market. Several years ago, Lambert Edwards acquired John Bailey & Associates, a Troy-based agency that handled PR for the North American International Auto Show, among other clients.
The secret sauce is very few middle market firms are doing acquisitions, he said. Lambert Edwards targets profitable agencies with a complimentary skill set or client base in the $2 million to $5 million range, led by a founder looking for an exit in the next three to five years. The deal would be an earn-out over time. It means the key leadership sticks around. Acquisitions also creates a platform for the staff to find advancement.
All the deals have gone down through cash flow and bank financing. Lambert Edwards has never been forced to raise outside capital.
Lambert said he continues to put the word out that five acquisitions is not enough. He’s still shopping for mid-level agencies focused on healthcare and technology, to name a few other burgeoning markets.
“We found a model for the types of firms and how to integrate them and makes sense on how to accelerate them,” he said. “If we’re serious about creating value why not do it more often?”
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