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The Canadian Press - ONLINE EDITION

Majority owners put stake in ad agency Cossette's parent company for sale

MONTREAL - U.S. private equity firm Mill Road Capital is selling its majority stake in the parent company of Canadian ad agency Cossette after five years of ownership.

The Connecticut-based investment firm says it is exploring "strategic alternatives" for the North American assets of Vision7, the holding company created following the acquisition of Cossette.

Vision7's operations include Cossette, Jungle Media, Citizen Relations and Dare.

It has some 1,100 employees in Canada, Britain and the United States.

The Vision7's management, which owns a "significant" stake in the company, said they support the review and are playing a major role in the process.

"While the company cannot speculate about potential outcomes, any decisions from the strategic review will include the best interests of its clients and employees and continued leadership from the management team," the company said in a statement.

Cossette, once Canada's largest independent advertising and communications agency, was sold for $135.3 million, ending a nasty battle between partners Claude Lessard and Francois Duffar.

Note to readers: This is a corrected story. An earlier version incorrectly stated the price paid for Cossette.

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