Sean Bisceglia, CEO of 3i, said it is in the process of liquidating CMF&Zâs assets and selling some portion of the business back to management. CMF&Z is 3iâs lone acquisition to date.
Bisceglia, former head of TFA/Leo Burnett Technology, said the shutdown of CMF&Z will not stop him from moving ahead with 3iâs plan to build a network of b-to-b advertising agencies.
Former president-CFO Philip de Roziere has left 3i to pursue other opportunities, said Bisceglia, who plans to install a new management team to woo venture capital and to begin acquiring b-to-b shops.
Bisceglia originally intended to own five or six agencies by the end of 2002.