Tombras' acquisition of Opinionated signals uptick in dealmaking—what agencies need to consider

Tombras' Acquisition of Opinionated: M&A Trends in Independent Agencies

Author: Ewan Larkin

The Deal Context

Tombras acquired Opinionated, a creative shop that had no initial intention of selling. The acquisition signals increased dealmaking activity among independent agencies facing pressure to scale or specialize. Opinionated grew revenue 28% to $30 million in 2025 but recognized growth sustainability challenges.

Strategic Rationale

According to Opinionated founder Mark Fitzloff: "You're seeing the share of a client's business start to narrow as a creative." The combination provides Opinionated with crucial capabilities in media, data, and analytics—services increasingly demanded by clients seeking integrated marketing solutions.

Founder Perspective

Fitzloff, a former Wieden+Kennedy executive, emphasized that creative agencies need expanded influence. He noted that some independent agencies will maintain their current size but "will never have an agency of scale."

Market Activity

M&A advisory firm Madison Alley's CEO Michael Seidler stated: "The market is ripe for more of these independent consolidations to happen." Several independents with EBITDA between $5-20 million are expected to pursue deals in 2026.

Founder Hesitation

M&A advisor Lori Murphree estimates 70-80% of indie founders initially claim they'll never sell, though positions typically change as growth plateaus or burnout increases. Culture preservation remains the primary sticking point in negotiations.

Agency Options

Some agencies pursue strategic partnerships instead of full acquisitions, while others remain committed to independence, building capabilities internally.

Source: Ad Age - Read original article