Garcia Buys Back Market Vision Share
Market Vision CEO Bonnie Garcia has bought back full interest in the Hispanic marketing agency.
Garcia paid $1.1 million on May 22 to CoActive Marketing Group to buy back its 49% ownership in the San Antonio agency. CoActive CEO John Benfield resigned from Market Vision’s board of directors.
Garcia had sold CoActive a minority interest in Market Vision in 2001. But being affiliated with a publicly held agency was cumbersome and impeded Market Vision’s creative energy, she said. “Buying back my company will give me more time with clients,” Garcia said in a statement.
Market Vision may consider other partnerships, but “any new relationship would have to be aligned strategically with my vision and be a cultural fit with the team that helped me build this agency,” Garcia said.
CoActive and Market Vision will continue to collaborate from time to time, said CoActive CEO John Benfield.
“It’s been a great effort, but we want to focus our attention on things we’re in more full control of, such as Urban Concepts,” a new initiative of CoActive’s event shop U.S. Concepts, Benfield said. “The separation was amicable; we’re all friendly.” Two CoActive staffers shift to Market Vision with the separation.
During its alliance with New York-based CoActive, Market Vision added advertising, media planning and buying, and p.r. to its core disciplines of promotions and events. But its performance hasn’t been meeting CoActive’s expectations, according to CoActive documents. CoActive’s total sales rose 15.3% to $73.6 million for the nine months ended Dec. 31; net revenues (excluding pass-through expenses) were up 14.8%.
CoActive ranked No. 10 in the 2005 PROMO 100 with 2004 net revenues of $33.5 million (including its share in Market Vision), up 43% from 2002.
