At a time when mergers and acquisitions are as common as multi-buyers, one of the oldest mailing list companies in the business, The Coolidge Co. has been gobbled up.
Marketing Services Group Inc. acquired the list management and brokerage firm, which specializes in publishing and fundraising, for an undisclosed sum on March 31.
MSGi is an integrated marketing services company in New York.
Richard Steeg, who has owned New York-based The Coolidge Co. since 1987, said his decision was framed by MSGi's ability to bring to the table technological resources--such as Internet and e-mail capabilities and modeling programs--that The Coolidge Co. did not offer its clients.
While cautioning that all plans are preliminary and in flux, Steeg said he expects to continue as president of the company.
The firm, which generated $12 million in revenue in 1999, currently employs about 30 employees. Downsizing is not expected because of the acquisition, Steeg said.
Plans also call for the company to relocate its offices this summer from 25 West 43rd St. to MSGi headquarters at 7th Ave. and 29th St.
The Coolidge Co., originally founded by Marci Coolidge in 1957 and owned by her until her retirement in 1969, will change its name when the company is folded into MSGi Direct New York on May 1, along with Metro Direct and Steven-Knox & Associates. "There is a positive side to having all of the MSGi list companies identified under one name," Steeg said.
Steeg has been in the direct marketing business for 40 years. The former circulation director began his career at The Coolidge Co in 1973 as an account executive. In 1984 he bought a share of the company from the absentee owner and became the sole owner in 1987.
Some of the company's commercial accounts include Conde Nast Publishing, Barnes & Noble, IBM Magazines and Book of the Month Club. It's fundraising accounts include Metropolitan Opera, New York Public Library and the Smithsonian National Associates Program.
MSGi revenues have grown from $16 million in fiscal 1996, to in excess of $200 million on an annualized basis. It has two business division, The Internet Group and The Direct Group.
