One small step: MRC signs investment bank
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US— Market & Research Corporation (MRC) has put pen to paper with an unnamed investment bank to help it finance the acquisitions of two research agencies and a marketing firm, it was revealed today.
President Gary Stein has spent the past two months reviewing proposals, having warned in March that the restricted availability of credit facilities and venture capital in light of the economic downturn necessitated “more creative financing” to close each of the deals.
MRC – a shell company – has been planning the takeover of Colorado fieldwork agency Quantum Research Services, New Jersey-based InMarketing and Las Vegas's Precision Opinion for more than a year.
Stein said today: “We are pleased that the bank recognises the long-term growth outlook of our business strategy and equally pleased with their access to institutional investors. Each of Precision Opinion, InMarketing and Quantum remain committed and have reaffirmed their respective acquisition agreements.”
No date was given for when the deals may close.
