Raleigh communications firm Capstrat is sold
Posted January 9, 2013 9:55 a.m. EST
Updated January 9, 2013 11:02 a.m. EST
Raleigh, N.C. — Capstrat, a Raleigh-based communications firm that represents clients across politics, public affairs, technology and other areas, is being acquired by New York-based Ketchum.
Capstrat will remain in Raleigh, operate under its brand and be managed by Ken Eudy, its founder and chief executive officer.
Financial terms were not disclosed.
Ketchum is a global public relations and media company with offices in 70 countries.
"This is an exciting time for Capstrat," Eudy said in a statement. "I see great potential for our clients and colleagues as we become part of the Ketchum network. Our stakeholders will benefit from the depth of talent, extraordinary commitment to employee development, and broad geographic reach that Ketchum offers. I can't wait to be an active contributor to the network, as well."
Ketchum said the acquisition enables the firm to expand its reach in the southeast and also adds a "diverse" client base as well as services.
"Ken and his leadership team have built a successful agency focused on blending strategy and creativity, attracting and growing the best talent, building longstanding client relationships through superior service, and a deep commitment to corporate social responsibility," said Ketchum President and Chief Operating Officer Rob Lorfink. " We look forward to working together."
The acquisition is the second in recent months involving a major Triangle area media relations firm.
Cheil Worldwide, which is based in South Korea, acquired Durham-based McKinney last July for some $50 million.