NEW YORK (CelebrityAccess) – US Agency ICM Partners has sold a minority ownership stake in its business to New York-based PE company Crestview Partners.
Financial terms were not disclosed, however, sources estimate the transaction at around $150m, and suggest Crestview has taken control of approximately one-third of ICM.
In a statement, ICM Managing Director, Chris Silbermann, said: “We have always dedicated ourselves first and foremost to our clients and are proud to be a singularly focused representation company. As our team strategized about growing the agency to be the best it could for our clients, we believed Crestview, with its strong track record of backing media companies.”
Brian Cassidy, partner and head of media at Crestview, added: “ICM Partners, under the leadership of Chris Silbermann, has experienced dramatic growth both organically and through targeted strategic acquisitions. We are thrilled to partner with Chris and the dedicated agents and senior management team at ICM Partners, to help accelerate their expansion at a time of unprecedented global demand for content, content creators and the artists that bring it all alive.”
According to ICM, it will use the strategic investment to accelerate domestic and international expansion, as well as providing more resources to existing clients including the likes of Migos, Ari Lennox, Boyz II Men, D’Angelo, J.Cole, Khalid, YBN Cordae and Ne-Yo, among others.
ICM, which runs offices in New York, Los Angeles, Washington DC and London, was advised on the deal by investment bank Lazard, Sheppard Mullin Richter & Hampton and Latham & Watkins. Crestview was advised by Davis, Polk & Wardwell.