Phila ad firm 160/90 sold for $175M

Philadelphia ad agency 160over90, which calls itself "equal parts think tank and branding firm" and counts Nike, UCLA, Under Armour, Ferrari, the Eagles and the Texas Aggies as clients, says its owners have sold a controlling share to buyout firm Searchlight Capital Partners LP (London, New York, Toronto)  Unnamed sources quoted here by AdWeek say the buyer paid $175 million.

160over90, founded in the 1990s by Shannon Price Slusher and Darryl Cilli, employs 125 at its Philadelphia headquarters and 25 more at satellite offices in Newport Beach, Calif. and Gainesville, Fla. It is Searchlight's first agency property; the firm also ownes the makers of Wellington boots and Canada's Roots stores, among others.

Searchlight plans to expand 160over90, Slusher said in a statement. The deal gives staff the "best of both worlds" -- creative and marketing power, plus wealthy owners -- added Cilli. Searchlight sees "great potential for buiding a team" around Slusher, Cilli and their staff, Searchlight founding partner Eric Zinterhofer added.