Alaris invests $59.5m in Ohio advertising agency The Shipyard

• Alaris will provide an additional $5.5 million in a second tranche if The Shipyard achieves certain financial milestones.
• Founded in 2013, The Shipyard has more than 160 marketing professionals to help grow brands
• It has developed vertical knowledge in travel and tourism, financial and professional services, energy and sustainability and consumer packaged goods and retail, among other spaces

Alaris Equity Partners has made a $59.5 million investment in The Shipyard, a Columbus, Ohio-based full-service advertising agency.

The firm will provide an additional $5.5 million in a second tranche if The Shipyard achieves certain financial milestones.

Founded in 2013, The Shipyard has more than 160 marketing professionals to help grow brands. It has developed vertical knowledge in travel and tourism, financial and professional services, energy and sustainability and consumer packaged goods and retail, among other spaces.

“We’re very excited to be partnering with the founders and management of The Shipyard. The Shipyard team has built a wonderful company that has exhibited the ability to generate steady free cashflow and high growth without any material debt or capital expenditure requirements,” said Steve King, president and CEO of Alaris, in a statement. “The most important part of our investment, though, is the people. From top to bottom, founder and CEO Rick Milenthal has built a culture of trust and integrity that we feel will result in a tremendous long-term partnership for Alaris.”

Alaris is a Canadian provider of alternative equity financing to privately held companies. Based in Calgary, the firm was founded in 2004.