The senior management of TMP Worldwide Advertising and Communications in North America has acquired the agency from Monster Worldwide with backing from VSS Mezzanine Partners, an investment fund managed by Veronis Suhler Stevenson. The deal is valued at US$45 million. The European division was sold in May, and Audax Group purchased TMP Directional Advertising last year.
According to today’s MediaPost, the decision to divest was strategic. TMP wanted to make sure there were no conflicts of interest with Monster Worldwide when it makes media selections. Michelle Abbey, TMP president and CEO, said the company wants to "provide the optimal, unbiased integrated mix of online and offline solutions for each customer." Abbey will continue as TMP’s top executive.
TMP was founded as a Yellow Pages advertising agency in 1967 and diversified into a general advertising agency specializing in both online and offline client solutions. In 1995, TMP jumped into the online career space by acquiring two job sites, which it ultimately merged to form Monster.com.