Creston, the marketing service group that owns Delaney Lund Knox Warren, is in talks with an undisclosed private equity company about a buyout of the company.
A Creston spokeswoman has confirmed that Creston is in talks with an as-yet “unnamed” private equity group for a management buyout. She adds: “However no formal approach has been made as the deal is still going through the final stages of due diligence.”
The spokeswoman says that if the deal goes through then the members of the executive and management team Creston will continue on the new board, including Creston chief executive Don Elgie.
The deal is for a 100% ownership of both Delaney Lund Knox Warren and direct marketing agency Tullo Marshall Warren.
The news follows the collapse of its plans to set up a US operation earlier this year, headed by former FCB chief Steve Blamer. Blamer has since left the operation. The collapse of the US operation led to questions being raised about the ownership of Creston, at the time
It has been reported that the offer values Creston at 80 to 90p per share.