Allen & McGarvey Inc. of Irvine and J. Desmond Towey & Associates, New York--both financial and corporate public relations companies--said they have formed an affiliation that could lead to a formal merger in the future.
Under the arrangement announced Monday, each company will elect a director to the other's board. Joseph Allen, who co-founded the company bearing his name, said the firms eventually hope to join operations entirely. Robert McGarvey left the 4-year-old company earlier this year to pursue writing projects in Los Angeles.
Allen said that a major reason for the affiliation is the opportunity it gives his company to have a presence in New York and throughout the East Coast. In a prepared statement, Towey said his company is joining forces with Allen & McGarvey to obtain a California base of operations.
Allen said basic operations of the two companies will remain unchanged for the immediate future.