Hispanic Ad Agencies Machado/Garcia-Serra Publicidad and The IAC Group Announce Merger

Hispanic Ad Agencies Machado/Garcia-Serra Publicidad and The IAC Group Announce Merger



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Coral Gables, FL–(HISPANIC PR WIRE – BUSINESS WIRE)–October 26, 2004–Machado/Garcia-Serra Publicidad (MGSP), a national full-service advertising and marketing communications agency, and The IAC Group (IAC), an integrated marketing communications agency, announce its recent merger to form Machado/Garcia-Serra LLC (MGS). MGS will be a powerhouse integrated marketing communications firm providing clients full-service advertising, broadcast production, sampling, and public relations/sales promotions services through autonomous, high-performance operating units. Estimated combined billings for 2004 will exceed $45 million.

The announcement was made jointly by Ana Maria Fernandez-Haar, founding CEO of IAC, and Manuel E. Machado, CEO and Al Garcia-Serra, COO, founding partners of MGSP. The newly formed MGS will be under the leadership of partners Machado, Co-Chairman and CEO and Garcia-Serra, Co-Chairman and COO. Fernandez-Haar will retain an equity interest and will serve as Chairman Emeritus. Financial details of the transaction were not disclosed.

Gabriela Alcantara-Diaz, formerly Executive Vice President of The IAC Group joins the new company’s management team as a principal and EVP. Alcantara-Diaz will be responsible for strengthening and guiding MGS’s core business and evaluating potential growth opportunities. She will also have a key role in the transition of the two companies.

“In determining succession, it was important to me that the company I founded remain Hispanic-owned and independent. I have known Al Garcia-Serra for more than thirty years and Manny Machado for more than a decade. They are the ideal combination of talent, results-driven management, competence and a clear vision of the future,” Fernandez-Haar noted. “Moreover, their commitment to excellence in all relationships with clients, staff and suppliers mirrors that of IAC. Our clients and staff could not have better leadership.”

Manny Machado, who presides over the Association of Hispanic Advertising Agencies (AHAA), the industry’s most important national voice, said, “In today’s dynamic environment, independent Hispanic agencies offer clients unequalled value: new profitable Latino consumers, cost-effective delivery with single-minded focus, living knowledge of the language and culture, and perhaps most important, an obvious passion for what we do. This larger, stronger company will make history.”

In assessing market potential, Garcia-Serra added, “The Hispanic market’s explosive growth is projected to continue well into the next century and Spanish and bilingual marketing communications will drive much of that growth across all industry sectors. This is an extraordinary profit-opportunity for our clients, our industry and our agency in particular. We have an extraordinary platform and are exceptionally well positioned – and capitalized – for unprecedented growth.”

MGS will maintain headquarters in Coral Gables with future regional offices in New York, Chicago and Los Angeles. A New York office is projected for the end of the first quarter 2005. The company’s AAA client roster includes Southeast Toyota Distributors, Scion, Publix, Jim Beam Brands, Tiffany & Co., EXTENDA (Trade Agency of Andalusia, Spain), BellSouth Advertising and Publishing, Regions Bank, Dolphin Mall (Taubman Centers), Hyundai Motor America, Nortel Networks CALA, Olive Oil from Andalusia, BRAPEX (Brazilian Papaya Exporters Association), and Sanso Foods.

Machado/Garcia-Serra LLC (MGS) (http://www.machadogarciaserra.com) one of the fastest growing advertising agencies in the country, is a national full-service advertising and marketing communications agency concentrating on the U.S. Hispanic and Latin America Markets. Specializing in consumer marketing, telecommunications, automotive, healthcare, finance, and retail, MGS continues to set the pace for excellence in client/partner relationships. Exceptional leadership and expertise in the above areas allow MGS to leverage and build brands by creating impactful campaigns that address local and national market needs. MGS is headquartered in Coral Gables, Florida.

Photos: http://www.machadogarciaserra.com/mgs_photos

–30–JAR/mi*

CONTACT:

Machado/Garcia-Serra Publicidad, Coral Gables

Manuel E. Machado

305-444-4647

or

The IAC Group, Miami

Ana Ma. Fernandez-Haar

305-856-7474

Hispanic Ad Agencies Machado/Garcia-Serra Publicidad and The IAC Group Announce Merger