Allegory Marketing, one of Colorado Springs largest advertising agencies, is changing hands as founder and president Tom DeNardin sells the company to Victoria Stone, president of ACTUATE Inc. and former marketing director for Todays Homes.
Terms for the deal were not disclosed.
Stone is merging Allegory and ACTUATE and will name the combined company Allegory Advertising. Allegory’s 10 employees and two contractors are staying with the agency. Allegory’s clients include the Double Eagle Hotel and Casino, Ferguson Pontiac Buick GMC, Famous Dave’s, Todays Homes and Sunshine Car Audio.
DeNardin, who started Allegory in 2001, said the time was right for him to move on.
“Everything seemed to fall together,” DeNardin said. “I had some other opportunities to sell the business, but some of them were more interested in our clients and less interested in our employees.”
Stone said she’s worked with Allegory as a client and that she and DeNardin have similar philosophies for developing advertising campaigns, which should make for a smooth transition.
“The strength that Allegory has is that they’ve always done strategy-based marketing,” she said. “We look at every client as a clean slate. I think that’s the power behind why Allegory is poised for growth in a down economy.”
DeNardin said the deal had been in the works for a month and that he and Stone told the firm’s employees about the sale on July 1.
“When I started talking to the staff, I started feeling a little bit of seller’s remorse,” he said. “It was a lot harder than I thought it would be. I know the company is in good hands.”
DeNardin, 51, said he will continue to do consulting and business plans and he also hopes to move into teaching.
“It’s been a great ride,” he said. “Most of the clients, they’ve turned into very good friends and to me that’s more important than anything.”