Periscope, the Twin Cities' largest independent advertising agency, has been sold to Wisconsin-based printing company Quad/Graphics Inc. for $132.5 million.
The acquisition is expected to close early next year, according to a company news release.
"We are redefining the future of integrated marketing at a time of substantial disruption when clients are looking for less complexity, greater transparency and accountability from their business partners," said Joel Quadracci, chairman, president and chief executive of Quad/Graphics, in a statement. "With Periscope, we will create a truly integrated, end-to-end marketing platform that we believe will create more value than the traditional siloed agency approach that exists today."
Quad/Graphics leadership expects the purchase to help the company continue to evolve its marketing solutions capabilities.
Periscope was founded in 1994 by Bill Simpson following the success of the Simpson family typesetting and production business.
"Our companies share a common vision for the future of integrated marketing and operate with very similar values," said Bill Simpson, chairman and owner of Periscope, in a statement.
Periscope, which is headquartered in Minneapolis, employs more than 500 people. It also has offices in Chicago, Hong Kong and Delhi. Some of its clients have included Trolli gummy candy, the Minnesota Lottery and Target Corp.
