Minneapolis PR firm Padilla Speer Beardsley, one of the largest independent public relations firms in the Midwest, has signed a letter of intent to acquire CRT/tanaka, a Richmond-based firm with offices in New York and several other major cities.
The merger will create a firm, Padilla CRT, that ranks among the top 10 independents in the U.S., according to the Holmes Report.
The deal is expected to close near the end of next month, reports PR Week.
Minneapolis-St. Paul Business Journal says after the union, the rechristened Padilla CRT will have 200 employees at offices in Minneapolis, New York, Los Angeles, Virginia and Washington, D.C., and annual income of more than $30 million. CRT is based in Richmond.
The two sides first discussed a deal about four years ago, after years of collaborating on work for clients and pitching accounts, CRT CEO Mark Raper tells Richmond Biz News.