Shopper Marketing Firm Pareto Goes Belly Up
Toronto-based shopper marketing firm Pareto has shuttered operations and has filed for bankruptcy in Canada. Just two and a half years ago, the firm was acquired by U.S. private equity firm Riverside Co. for $125 million. Of the decision, Riverside Managing Director of Global Marketing and Communications Graham Hearns said, “We’re in the process, this afternoon (Wednesday), of filing for [bankruptcy protection]. Up until Sunday, we were optimistic that we could make things work and come to new terms with the lenders, but ultimately we came up short.” Sadly, Riverside will lose its entire $125 million investment in the firm.
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It must suck to work at Arnold these days. The agency just can't catch a break. Following the exit of Chief Creative Officer Pete Favat, the loss of the Lee Jeans account
and the loss of the McDonald's New England account, the agency has lost the Aetna account to WPP's Ogilvy. And it didn't even have a chance to defend as there was no review. But Ogilvy is psyched! An
internal memo to employees read "This is a terrific win and we owe it mainly to the Aetna team
who have been working tirelessly to first onboard a very complex business and then very quickly turn it into a well-oiled machine." Just don't hand out too much baby oil. We wouldn't want the shop to
lose its grip on the account. Kind of like -- it would seem -- Arnold did.
Madison Avenue moves to Mumbai. Or, more accurately, the Miami Ad School has opened its doors in Mumbai to bring its "Real World Classrooms" to India. Of the new offering, Miami Ad School Mumbai Dean Sunitha Suresh said, “MAS with a 'real world approach to classroom' will create ready trained students for the industry especially in the creative fields. So students will hit the road running when they join any agency." From Miami to Mumbai. It kind of reminds you of an M&M ad, doesn't it?
In a deal with Omnicom Group, Nissan has set up a relationship with the holding company that will result in the formation a dedicated agency to handle the brand's business. Called Nissan United, the agency will be much like other dedicated automotive agencies which came before it like Ford's Team Detroit, Lincoln's Hudson Rouge and Htundai's Innocean. The move, no surprise, follows the recent appointment of Roel de Vries as Nissan's VP and global head of marketing. Of the agency's formations, de Vries said, "In Omnicom, we have a strong partner and the new, industry-changing Nissan United structure is a perfect setup to deliver on our promise of innovation and excitement for everyone." Make your mark, Roel. Make your mark.
AgencySpy has "received confirmation from sources familiar with the matter" (isn't that just a self-important way of saying "we're pretty sure but no one would get back to us?") that Creative Technology Director Ricardo Diaz and Interactive Program Manager Chincha Evans have left TBWA\Chiat\Day LA. As usual, there are no details on why the pair left or was asked to leave.