Cummins&Partners has sold its stake in Adelaide office CumminsHybrid.
As part of the deal, Hybrid directors Rob Porcaro and Craig Jackson acquire the Cummins&Partners shareholding in the company and will rebrand the agency as Hybrid.
Hybrid and Cummins&Partners formed one agency in 2016, with current Cummins&Partners staff moving out of its original Adelaide office and into the Hybrid building.
Rob Porcaro, MD of Hybrid, says he's pleased to be able to finalise the deal as it was always in the plans that one agency would take the lead position when they first merged.
Cummins&Partners founder Sean Cummins says: "We loved our time in the market and defied a lot of the naysayers. But no one works better in South Australian market than South Australians. We wish Hybrid the best of luck and we leave very happy with our time there."
Chris Jeffares, CEO at Cummins&Partners, says it was "perfect timing" to sell its stake as it continues to consolidate its efforts in Melbourne, Sydney and New York.
"We are also really excited for the opportunities ahead for Hybrid," Jeffares says.
"Rob and Craig are true entrepreneurs and that was what attracted us to them in the first place. From their growing service design capabilities through to their IP and startup incubator in HybridO2, they are really trying to push the boundaries of the industry in Adelaide and we look forward in watching them blaze a trail for South Australian agencies”.
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