ADV - Advantage Solutions takes next step to simplify portfolio by selling digital marketing agency Adlucent to BarkleyOKRP | Benzinga
ST. LOUIS, May 01, 2024 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ:ADV), a leading provider of sales and marketing services to consumer goods manufacturers and retailers, today announced it has sold digital marketing agency Adlucent to BarkleyOKRP.
Adlucent, a performance media business Advantage acquired in 2016, will integrate into BarkleyOKRP, one of the largest independent full-service marketing and consulting firms in the U.S. BarkleyOKRP, which is backed by Chicago investment firm Keystone Capital, was formed in March upon the merging of agencies Barkley and OKRP.
Terms of the sale, which closed today, were not disclosed. Advantage plans to use the majority of proceeds to pay down debt and further strengthen its financial position.
"While Adlucent has built strong partnerships and relationships with leading digital platforms, brands and retailers, we believe the agency will be in a better position to succeed within a digital-focused independent agency like BarkleyOKRP," said Advantage Solutions CEO Dave Peacock. "This deal allows Advantage to further prioritize other growth efforts in a more focused way to ensure we continue to provide our clients with best-in-class services."
Adlucent, which provides performance media activation across most major paid channels, including search, social, CTV and others, has built business relationships with top platforms in the space, including Amazon, Google, Microsoft and Meta. While it has direct relationships with large brands and retailers, Adlucent clients are largely distinct from Advantage's core.
"We're proud of the work Adlucent accomplished under Advantage, and we're confident the Adlucent team will go on to even more success with BarkleyOKRP," Peacock said.
The sale is Advantage's latest business initiative focused on its broader plan to simplify its portfolio, allowing greater focus on the company's core capabilities to build a stronger balance sheet and enable growth.
It follows ...