After Argonaut, Project Worldwide Creates Another Shop From Scratch
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Years ago, Project Worldwide deviated from its aggressive M&A strategy to build Argonaut from scratch. Now the small holding company is at it again, laying the foundation for a Bay Area-based digital shop called Junior.
“There have been two paths to growing Project Worldwide. One is organic agency startups; the other is acquisitions,” said Robert G. Vallee Jr, Project Worldwide Chairman-CEO. “The good news is the general environment with advertising now is very healthy, and exiting the great recession client spend is definitely on the uptick. The bad news is, with most agencies now back in a better financial position, the multiples we’re looking at today to acquire properties of scale and purpose are quite expensive. We think those opportunities will be, in the near term, somewhat limited.”
He’s not sweating it, though, since the company already has had success on the “organic side of the equation” with Argonaut. It’s also a good time to better utilize Argonaut talent, he said, referring to a couple of execs who will take on new roles to help build Junior.
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