Interactive marketing agency Definition 6 will receive up to $15 million from private equity firm Navigation Capital Partners.
With the investment, Navigation Capital will take a significant ownership stake in the firm and will work with management to expand the Definition 6 brand nationally through internal growth and acquisitions.
Definition 6 is an interactive marketing and e-commerce agency in the Southeast. It provides social media strategies, search engine marketing, online advertising, web development and e-mail marketing for its clients.
Navigation Capital says it is focusing on investing in interactive media companies because it believes the industry has potential for strong growth. It also is concentrating on government contracting and “green” contract manufacturing.
“We noticed that even with the current slowdown in the traditional advertising model, digital solutions were gaining market share, which should only continue when the economy recovers,” says Larry Mock, managing partner for NCP. “Therefore, with access to additional capital, a strong company could expand and be competitively well-positioned in advance of a market turnaround. Instead of looking for sellers in this climate, we decided to find business owners who shared our vision and then together create a business plan we could support. In Definition 6 we found a strong team with whom we could partner and form an attractive platform for future growth.”
Definition 6 will keep its management team in place, including founder and CEO Michael Kogon. Navigation Capital named its operating partner O. G. Green, vice president Zuri Briscoe and managing partner Mock to the firm’s board of directors. “With NCP’s commitment of capital, strategic insight and operating support, we have the opportunity to increase our footprint and outperform our competitors,” says Kogon. “Given the current convergence of media and digital business strategies in today’s marketplace, it’s the right time to make a move.”