Overland Park-based GlynnDevins, an advertising and marketing agency, has sold controlling interest to Falfurrias Capital Partners, a private equity firm, for an undisclosed sum.
The agency, founded in 1987 by Jim Glynn and George Devins, specializes in marketing and advertising for companies in the senior living and health care sectors.
The investment by Falfurrias Capital Partners wasn’t disclosed. The private equity firm, based in Charlotte, N.C., was formed by Hugh McColl Jr., a former Bank of America chairman and chief executive officer, and Marc Oken, a former Bank of America chief financial officer.
GlynnDevins called the deal a “strategic partnership” that will help the agency provide planning and “metric-based marketing” for communities nationally.
The agency said in a press release that it employs more than 120 associates and does business with 160 senior living communities in 38 states. It said business is growing because the baby boom “age wave is helping to spawn tremendous growth in the senior living category.”
Oken said Falfurrias was attracted to GlynnDevins because of its marketing expertise and knowledge of the senior living market.
Both Glynn and Devins, who maintain financial interest in the agency, are remaining in their roles for now, but eventually will move toward a leadership transition.