NEW YORK (AdAge.com) -- MDC Partners is folding MFP into Kirshenbaum Bond & Partners, while MFPs chief creative officer is starting his own shop, to be backed by the holding company.
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MFP's Neil Powell is starting his own shop, to be backed by MDC Partners.
Credit:
Neil Powell
According to people familiar with the situation, the merger amounts to little more than the dissolution of the MFP brand, which once stood for Margeotes Fertitta & Partners. The company sold a majority stake to MDC in 1998 after 25 years of independence. In 2005, MDC merged the agency with Neil Powell's design-focused shop to create Margetotes Fertitta and Powell.
Executives at Kirshenbaum Bond and MFP referred calls to MDC.
Steady loss of clients
The move resulted not only in the departure of several employees, including CEO George Fertitta, but a steady loss of clients, including Godiva Chocolates and wireless carrier SunCom. MFP's current roster counts Christiania Vodka, Mike's Hard Lemonade, Louisiana Pacific Building Products and Perry Ellis among its clients.
It is believed that only a small number of employees -- none of them senior level -- and one or two key clients will move over to Kirshenbaum Bond. The rest of the clients will join Mr. Powell and the staff that he takes at his yet unnamed shop. Specific details are being worked out now.
