Catamount Group is in the process of being sold to an as of yet unnamed buyer. The investment bank McFarland Dewey & Co. has been hired as a financial advisor to assist with the sale, which is expected to close within the next 10 days.
Catamount’s corporate parent Think Partnership Inc., based in Clearwater, FL, is being reorganized to focus on Internet media. Think Partnership is already doing business under a new name Kowabunga Inc., although it plans to seek formal shareholder approval to change its legal name later this year.
Kowabunga wants to sell Catamount and other assets so it can focus on its Internet search marketing, online advertising and affiliate marketing, which it perceives as having a greater growth potential in the future.
Catamount offers direct marketing agency, list management and brokerage services. Tina MacNicholl president of Catamount Group founded the Bethel, CT-based firm in 1998. Catamount has nearly 100 list titles under management, including numerous Reader’s Digest lists and files targeting families with young children.
Kowabunga also plans to sell Cherish Inc., an online personals advertising company, MarketSmart Advertising Inc., an offline advertising services firm and iLead Media, an online lead generation and digital marketing services company. It plans to use proceeds from the sales to reduce indebtedness and expand in the interactive media marketplace.
Think Partnership reported a $2.3 million unaudited net loss for the quarter that ended March 31.
Scott P. Mitchell resigned as CEO and president of Think Partnership, effective April 24, and from the company’s board of directors. He subsequently entered into a consulting agreement with the company.
“We anticipate these planned divestitures will allow us to better focus on the growth opportunities in our network and other interactive businesses,” said in a statement Stan Antonuk, CEO of Kowabunga.
