M&C Saatchi buys US digital 'customer experience' agency MCD

Advertising creative agency M&C Saatchi has acquired a majority stake in a digital 'customer experience' agency in New York for $10m.

LIDA, Saatchi wholly owned customer relationship management and direct agency, has agreed the deal to acquire a 51% stake in Principal MCD Inc, known as MCD Partners and operating from New York and Chicago.

MCD, whose client list includes AT&T, Discover, Johnson & Johnson and Samsung, generated unaudited revenue of $14.9m in calendar 2015 and unaudited adjusted EBITDA of $2.45m.

The members of MCD will be able to elect that M&C Saatchi purchase 50% of the remaining equity from 2016 and the remaining balance from 2018 for considerations based on future profits.