Albion has sold a majority stake to the MDC Partners-owned agency Kirshenbaum Bond Senecal & Partners.
The cash deal, which went through earlier this week, is believed to be worth between £20 million and £30 million and will be distributed between Albion’s 15 shareholders, led by the chief executive, Jason Goodman. The Albion shareholders will retain 25 per cent of the agency.
Albion will become part of the KBS network and take on the KBS & Albion moniker.
Goodman will assume additional responsibilities to grow the KBS & Albion group offering across EMEA. He will report to Lori Senecal, the global chairman of KBS and chief executive of the MDC Partner Network.
Senecal said: "The most important thing to us was finding a business partner with a like-minded approach to delivering bold solutions for global clients. Albion is a rare find in London and the ideal fit for the KBS group, as we share a passion for entrepreneurship and invention."
Goodman added: "Our clients have challenged us to take the unique Albion formula international. Our people are seeking more investment in growing further integrated resources and we’ve proven the need for a platform for investment in new start-up ventures. Our partnership with KBS means we can accelerate all of this."
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