MarketInk: San Diego's BAM PR Agency Sold For $13 Million To Spanish Firm

By Rick Griffin, Times of San Diego

April 24, 2023

Rebecca Bamberger, founder and CEO of San Diego-based BAM Communications, a public relations and marketing agency, has sold an 80% stake in her company to Llorente y Cuenca, a global communications, digital marketing and public affairs firm based in Madrid, Spain.

The initial purchase price of $13.2 million was paid in cash, a statement said. The total price may be adjusted on the basis of BAM’s performance from 2022 to 2025.

BAM’s 35 employees will become part of Llorente y Cuenca, which is known as LLYC. No layoffs are planned. BAM will continue to operate under its own brand. Bamberger will continue to hold a stake in BAM and lead BAM’s operations, a statement said.

Bamberger told Times of San Diego she’s been planning to sell her company for several years.

“Our goal to be acquired has been publicly known by the team and others since 2016,” she said. “We attempted to start the sale process in 2020, but we all know what happened then. We gave it a break in 2021 and came back to market in 2022.”

Bamberger said she was introduced to LLYC through her broker Doug Baxter of Agency Futures. LLYC was represented in the deal by Antonio Pena and Henry Roque of Greenberg Traurig, a multinational law firm.

“We completed an international search and spoke with dozens of potential partners,” Bamberger said. “After two years of meticulous effort and more than 65 meetings with potential partners, we finally found our partner, LLYC. The agency is truly unmatched in our industry and holds the same values as us. It was an immediate feeling from the first meeting with LLYC that they were the ones for BAM.”

LLYC, with 20 offices worldwide, has U.S. operations in Miami, New York and Washington, D.C. PRWeek has ranked the firm among the world’s top communication companies. With the addition of BAM’s staff, LLYC will have a team of about 65 professionals, it said.

LLYC said its annual revenues are $17 million in the United States, $39 million in Spain and $18.1 million in Mexico. LLYC reports its 2022 revenues increased 36%, compared to 2021, to $78.7 million.

“LLYC has nearly doubled its size since 2020, and its acquisition of BAM supports the company’s strategic growth trajectory,” a statement said. “The deal strengthens LLYC’s capabilities and cements its position as a leading global communications, digital marketing and public affairs consultancy.”

LLYC’s U.S. clients include Ab InBev, DHL, Siemens, Fortinet and the University of Arizona. BAM’s current clients include Thomvest Ventures, Capchase, AdoreMe and Udacity.

“The acquisition of BAM represents a decisive step for LLYC in our commitment to expand the firm in a key market such as the United States,” said José Antonio Llorente , founding partner and chairman of LLYC. “This is a quantitative leap because it allows us to double our business in the country, but also a qualitative one because BAM’s spirit, values, and technological focus fit perfectly with LLYC’s philosophy.”

LLYC said the acquisition of BAM is part of its ambitious plan to double in size over the next four years through selective acquisitions of companies that operate in key areas or strategic markets.

The purchase of BAM is the eighth acquisition LLYC has executed in as many years. Other previous acquisitions, the company said, include BESO in Mexico (2021), APACHE in Spain (2021), CHINA in Spain (2021), Impossible Tellers in Spain (2015), S/A Comunicaçao in Brazil (2015), EDF in the U.S. (2015), Arenalia Diplolicy in Spain (2018) and Factor C in Chile (2020).

BAM, founded in 2008, is known for representing venture-backed and technology-driven brands. The company claims its clients raise 94 percent more capital than other venture-backed startups.

“Joining LLYC is a natural next step in the evolution of BAM and a hugely exciting opportunity for our team,” said Bamberger. “LLYC’s global reach, digital capabilities, and depth of expertise will provide BAM clients, and by extension, the venture capital ecosystem, with even more resources.”

KPBS Leaves Twitter, Controversy Aids Fundraising

KPBS, San Diego’s public broadcasting media outlet, enjoyed a financial windfall with additional donations from donors following an early April decision — and later reversal — by social media platform Twitter to label National Public Radio as a “state-affiliated” and “government-funded” media outlet.

Even though NPR receives U.S. taxpayer funds from the federal government, NPR objected to the labels, which are terms also used to identify media outlets controlled or heavily influenced by authoritarian governments, such as Russia’s RT and Sputnik, as well as China’s Xinhua.

In response, NPR exited the platform and KPBS announced it would do the same.

An April 17 letter from Deanna Mackey, KPBS general manager, said: “Twitter’s mislabeling of NPR and PBS as ‘government-funded media’ intentionally called into question our credibility and integrity. Effective Monday, April 17, KPBS will no longer be active on Twitter.”

Mackey’s announcement letter also became a fundraising letter that said, “Show your support for KPBS’ independent journalism and quality programming today.”

The fundraising letter was emailed to donors and discussed on “Evening Edition,” a news program, and a planned radio pledge campaign, according to Heather Milne Barger, KPBS director of communications.

“I cannot give you a number because there were many contributing factors to our fundraising success,” Milne Barger told Times of San Diego. “I can say that Twitter’s actions definitely helped our fundraising efforts.”

Despite Twitter’s reversal decision to drop the “state-affiliated” and “government-funded” labels, NPR said it would not return to Twitter. Milne Barger said KPBS also would do the same.

“KPBS is not returning to Twitter,” she said in an email to Times of San Diego. “Even with the label being removed, the platform is still low performing for us and not a credible environment.”

However, in a subsequent tweet, Barger said KPBS newsroom reporters are likely to continue using the platform, owned by billionaire Elon Musk.

The KPBS spokesperson wrote, “It is up to each KPBS employee, including reporters, whether they want to continue a personal or professional presence on the platform.”

Milne Barger said in an email, “Many (employees, including reporters) have built a community and a brand on Twitter.”

IABC Names Communicator of the Year Award Winners

The San Diego chapter of the International Association of Business Communicators has named Emilie Vicchio for its 2023 Communicator of the Year (COTY) award and Lauren Karwel as its Junior COTY award recipient. IABC said the COTY awards recognize San Diego-area leaders who demonstrate strategic excellence in communications.

Vicchio leads all marketing, branding and communications efforts for Client Solution Architects, a global federal contractor serving the U.S. Navy, Army and Department of Defense. She oversees internal, corporate and executive messaging for the company, which has experienced restructuring, rebranding and acquisitions.

“I am honored to be selected as IABC’s 2023 Communicator of the Year,” said Vicchio. “I am in great company as a COTY winner and humbled to see my name alongside exceptional communicators working throughout the greater San Diego area. As a lifelong student, I am committed to continuing the advancement of the communication field and I am proud to be at the forefront of creating positive corporate and employee experiences for nearly two decades.”

Karwel is a senior employee communications specialist at Qualcomm, where she supports the Human Resources department. She partners with HR leadership and cross-functional teams to communicate across the 45,000-employee base regarding HR policies, programs and processes.

“I’m thrilled and honored to receive the Junior COTY award and join an exceptional list of communicators in San Diego,” said Karwel. “This award is a testament to the impact that communicators can have within an organization at any level in our careers. I’m so grateful to my mentors and to the IABC organization for this recognition.”

IABC-San Diego said COTY nominations were submitted by their peers and entries were evaluated using the following criteria: Demonstrating strong leadership, management and communication skills; Developing communication strategies that contribute to the ongoing success of the organization; Using effective internal and external communications; communicating to diverse audiences; Exemplifying the role of leader in communication.

In a joint statement, 2022-2023 IABC-San Diego co-presidents Brandee Beiriger and Rob Campbell said, “We’re excited to recognize two members who not only exemplify leadership within the business communications field, but also have given back to the San Diego communications field through their work with IABC San Diego. On this 10th year anniversary of the COTY Award, Emilie and Lauren join an illustrious group of professionals who have helped some of San Diego’s well-established businesses thrive through employee communication and engagement.”

Vicchio and Karwel will be recognized at a reception at 5 p.m., Wednesday, April 26, at Karl Strauss Brewing Company, 9675 Scranton Road. For more event information, visit sandiego.iabc.com.

SD Direct Discusses Storytelling on Instagram, TikTok

SD Direct, a San Diego educational and networking group for digital and direct marketing professionals, will host a luncheon program on storytelling using the Instagram and TikTok social media platforms from 11:30 a.m. to 1:30 p.m., Tuesday, April 25, at the Better Business Bureau offices, 4747 Viewridge Avenue. Cost to attend is $40 per person. For more information and to RSVP, visit sddirect.org.

Presenting will be Mana Ionescu, first VP and head of digital marketing at Axos Bank in San Diego. Ionescu, a native of Romania with 20 years of marketing experience, will discuss algorithm tips and tricks, the role of TikTok and Instagram in an audience’s life, how to gain traction for a brand and measurements. Prior to joining Axos Bank, she operated Lightspan Digital, a Chicago-based digital marketing consulting company.

Rick Griffin is a San Diego-based public relations and marketing consultant. His MarketInk column appears weekly on Mondays in Times of San Diego.

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