Dulcedo Buys 2 Agencies: Influence+All Mgmt and Sundae Creative

December 6, 2023 by  Chris Erwin

RockWater Roundup

RockWater analysis to make you a better investor and operator. Today we discuss Dulcedo’s acquisition of Influence+All Management and Sundae Creative, and the continued rollups of influencer agencies.


Dulcedo Buys 2 Agencies: Influence+All Mgmt and Sundae Creative

Talent and ad agency rollups continue!

DULCEDO Management just acquired 2 Montreal-based businesses.

Below is breakout deal info…


TARGET #1: Influence+All Management

  • Influencer agency

  • Based in Montreal

  • Founded in 2015 by Karine Idrissi

  • 6 team members incl founder (per LinkedIn)


TARGET #2: Sundae Creative Agency

  • PR and IM agency (incl event planning)

  • Based in Montreal

  • Founded in 2017 by Kristina Argento and Karine Idrissi

  • 6 team members incl cofounders (per LinkedIn)

  • Clients include Roots, Bath & Body Works, Call It Spring, and DAVIDsTEA


ACQUIRER: Dulcedo Group

  • Talent mgmt and digital marketing agency

  • 4 divisions – Models, Sports, Gaming, Influencer

  • Offices in Montreal and Toronto

  • Founded 2008 by Karim Leduc

  • 3 co-owners incl founder

  • 70+ team members



  • More scale in influencer talent mgmt

  • Expansion in US / North America

  • Add PR services to diversify multimedia offerings

  • Create “white glove service” in communications

  • Bring in female leadership



  • I+AM talent agents and client roster fold into Dulcedo talent mgmt

  • Sundae leadership stays in tact, operates independent under parent co

  • Future plans for Sundae NY and LA offices


What else I find interesting… 🤔

Dulcedo worked with both I+AM and Sundae over the past 6 years. Highlights that M&A, particularly for service businesses, often happens between companies where there’s an existing historical relationship

No financial terms disclosed. Due to the smaller perceived company sizes and smaller scale M&A precedents, I estimate the deal structure included some cash upfront (up to 50%), and the rest via a 2-4 year earnout.

The earnout mix was likely majority cash plus some equity in Dulcedo parent co.

I can’t see in public records if Dulcedo has raised outside capital, but they may have raised a small amount of debt or equity for growth or acquisitions.

This deal adds to a track record of M&A.

In 2022 Dulcedo acquired C4G, a startup esports marketing agency. In 2016 they acquired 4249, a hashtag#influencer relations agency, which led to bringing on now co-owner and head of influencer Ben Carter.

Both companies were ~1 year old upon exit.

As a private business likely majority-owned by their top 3 leadership, Dulcedo could be positioning itself for an exit over the next few years.

Their leadership is likely seeing the agency consolidation trends, where agencies are diversifying capabilities under one roof to better meet evolving marketer needs…and thus grab more client budget share.

Even if no near-term exit plans, this at a minimum makes Dulcedo more competitive and helps bolster revenue growth. And makes them a standout in Canada. I applaud the deal!

Of note, I met CEO Karim a few months ago. I’m rooting for him and his team!



I’m the founder of RockWater Industries. We do financial and strategy advisory for media, tech, and commerce. From M&A and fundraising to consumer research and go-to-market planning.

DM me on LinkedIn or email me chris @ wearerockwater dot com


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