Wisconsin-based printing company Quad/Graphics is acquiring Periscope for $132.5 million in order to offer clients fully-integrated marketing services from packaging to print ads and TV campaigns.
Founded in 1994, the Minneapolis-based Periscope employs 500 people with a client roster that includes Arctic Cat, Autotrader, BASF, Bridgestone, Cox Communications, Intuit, Kelley Blue Book, Krispy Kreme, Petco, Red Robin, Target, Toro, Trolli, UnitedHealth Group, and Walgreens.
Members of Periscope, including president/CEO Elizabeth Ross, are all expected to join the new company, with the agency's offices in Minneapolis as well as Chicago, Hong Kong and Delhi expected to remain operational. For now, Periscope will continue to operate under its own name.
"Periscope will turbo-charge our existing offering with its world-class capabilities in strategy, including media buying and analytics, creative and account management," stated Joel Quadracci, chairman, president/CEO, Quad/Graphics, whose client base includes LL Bean, Target, Macy's, KFC, CVS Health, and Lexus.
This deal came after Periscope's current owner Bill Simpson decided to retire and sell the company, coinciding with Quad's self-described 3.0 transformation that seeks to bolster its current print-production capabilities with end-to-end marketing services.
Quad has also recently invested in Rise Interactive and Ivie & Associates. “We are redefining the future of integrated marketing at a time of substantial disruption when clients are looking for less complexity, greater transparency and accountability from their business partners,” stated Quadracci.
The transaction has been approved by both companies’ boards of directors and is expected to close in early 2019.