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Goldman Sachs Urban Investment Group Announces an Agreement with David J. Perez of Latin Force, LLC
Seeking opportunities to acquire marketing agencies serving the U.S. Hispanic market
New York, NY--(HISPANIC PR WIRE - BUSINESS WIRE)--December 13, 2006--Goldman Sachs Urban Investment Group (UIG) today announced that it has entered into an agreement with David J. Perez of Latin Force, LLC. Through this agreement, Perez and UIG will work together to identify and assess potential acquisition opportunities in the Hispanic marketing services sector, targeting companies with revenue of $5 million and greater. “I look forward to the opportunity to expand the reach and services of Latin Force," says David J. Perez, Chief Executive Officer of Latin Force, LLC. "By partnering with the Goldman Sachs Urban Investment Group, we now have the capital to pursue significant expansion through acquisitions," Perez comments. "Through our combined efforts we intend to form an integrated marketing services company focused on the U.S. Hispanic market." According to a report by David Kostin, Goldman Sachs Chief U.S. Sector Investment Strategist, strong population growth, expanding purchasing power and new spending patterns position Latinos as a significant and a growing influence in the United States economy (1). One of the sectors best positioned to take advantage of this rapid growth is the Hispanic marketing services industry, which has quadrupled in the last twenty years to over $4 billion (2). Within this growth market, the Below-The-Line segments including online promotions, special events and grassroots marketing have outperformed the total market growth rate, while taking share from traditional channels, such as television and print. UIG and Latin Force plan to actively pursue the Below-The-Line service providers as a part of a broader platform strategy. Managing Director of Goldman Sachs, Kevin Jordan comments, "UIG is attracted to David Perez because of his depth of experience and a keen understanding of the industry. We are looking forward to collaborating with David and his team on pursuing acquisition opportunities." Jordan continues to say, "UIG believes the confluence of favorable, demographics and market conditions present a compelling business case within the Hispanic marketing services industry. And we see Latin Force becoming a premier service provider for companies seeking to reach the U.S. Hispanics markets." David J. Perez is a seasoned market veteran and widely recognized thought leader in the U.S. Hispanic marketing arena. In his capacity as CEO, Perez has won a list of blue-chip companies as clients such as MTV, Nike, Wells Fargo and the NFL. Perez is also a co-founder of the New Generation Latino Consortium, a non-profit industry advocacy group formed to raise the profile of the underserved, difficult-to-reach population of 2nd and 3rd generation U.S. Latinos.