Mpls’ BlueSpire Buys Connecticut Mktg Firm
BlueSpire Strategic Marketing announced Monday that it has acquired Connecticut-based marketing firm Martino & Binzer to grow its client base within the health care and financial services industries.
The transaction closed February 21 and Fifth Third Bank (based in Cincinnati, Ohio) provided financing. Terms of the deal were not disclosed.
BlueSpire—a Minneapolis-based strategy, technology, and content solutions provider for health care and financial services clients—said that the addition of Martino & Binzer will allow it to reach more clients in the health care, financial services, and continuing-care retirement communities (CCRCs) sectors.
“This combination expands BlueSpire’s range of digital marketing services and enhances our ability to reach the important senior demographic for our health care and financial clients,” Kathryn Hammond, CEO of BlueSpire, said in a statement. Hammond will serve as CEO of the combined business.
Hammond told Twin Cities Business that Martino & Binzer employs approximately 40—all of whom BlueSpire will retain. BlueSpire, meanwhile, employs 55. She said that Martino & Binzer will retain its name, with the additional “A BlueSpire Company” moniker, and will continue to operate out of its Connecticut office. Hammond added that BlueSpire plans to expand further in Connecticut, as well as grow its Minneapolis and Montvale, New Jersey locations.
Hammond declined to disclose the individual revenues of each company, but said that the combined business’ sales total more than $30 million.
BlueSpire is a portfolio company of private equity firm High Road Capital Partners. The New York-based firm facilitates smaller middle-market transactions and serves companies with revenues of $10 million to $100 million. Founded in 2007, High Road currently manages approximately $470 million of committed capital.