Could Cossette join one of the multinational giants?
Ending weeks of speculation, Vision7, Cossette’s parent company, confirmed late Wednesday afternoon that it is for sale.
“After five years of ownership, Mill Road Capital, a Connecticut-based private equity firm and the majority owner of Vision7 International, has decided to explore strategic alternatives for the company’s North American assets,” said the statement.
Headquartered in Quebec City, Vision7 has about 1,100 employees working for brands such as Cossette, Dare, Citizen Relations and Jungle Media in Canada. “Vision7 management is supportive of the review and is playing a major role in the process,” said the statement.
The statement does not mention Vision7′s European assets, which include offices of Dare, Elvis and Identica as part of EDC Communications. (The company also lists an office in Singapore.)
Launched 1972 when six partners bought a Quebec City design firm, Cossette expanded to Montreal and beyond Quebec before going public in 1999. The company was taken private again in 2009 after protracted legal fight between two long time leaders Francois Duffar and Claude Lessard in which Lessard emerged victorious with the backing of Mill Road.
In 2010, the company was restructured with Vision7 International created as the umbrella company for Cossette as well as Espirit de Corps (EDC).