FVLCRUM, a minority-owned private equity firm, and corporate attorney Channing Johnson have acquired multicultural advertising agency Burrell Communications Group.
According to a news release, Johnson will now operate as Chairman. Additionally, Tara DeVeaux will now serve as the new CEO, succeeding co-CEOs Fay Ferguson and McGhee Williams-Osse.
“We are truly excited for Burrell’s next chapter,” said Osse in a news release. “It was pivotal to Fay and me to transition the company to a team that would be committed to investing in the agency, growing its capabilities and reach in the years ahead and maintaining the talent and culture that makes Burrell special.”
Ferguson added, “Having jointly led Burrell for nearly two decades. McGhee and I sought to ensure that the new ownership shared our vision, standard of values, and maintained Burrell’s Minority Business Enterprise (MBE) designation. We are also thrilled about their selection of Tara as CEO. We’ve gotten to know her throughout this process, and she has shown tremendous energy and enthusiasm coupled with a commitment to the agency’s future.”
DeVeaux brings experience as the previous chief marketing officer of Wild Card Creative Group, where she also operated as the managing director of their creative content division.
Her areas of expertise span advertising, media, and entertainment, honed during her time at Y&R, Spike DDB, and BBDO, where she eventually climbed to the position of Chief Marketing Officer in the New York location.
DeVeaux said in a statement, “I am excited and inspired by the opportunity to take on this role at what is a pivotal time in Burrell’s history. With multicultural consumers driving most general market trends, the line between general market and multicultural advertising has never been grayer. Understanding where these consumers are now helps brands to project where they need to be in the near future, and that’s always been Burrell’s strength. I plan to build upon that legacy through a concentrated focus on data to deliver fresh insights and renewed creativity across all platforms so we can continue to be a vital partner in growing our clients’ business.”
Their market reputation was a key factor in FVLCRUM’s interest in acquiring them.
Chijioke Asomugha, Partner of FVLCRUM stated, “Burrell is an iconic company that has helped tell the diverse stories of many respected brands for more than 50 years. FVLCRUM is eager to build upon the impactful legacy of Burrell through this significant equity investment.”