ICF International Inc. (Nasdaq: ICFI) is set to buy marketing service Olson from KRG Capital Partners for $295 million in cash.

The transaction is expected to be completed by mid-November 2014.

Based in Minneapolis, Olson specializes in digital marketing services, such as customer loyalty programs and social media analytics. KRG teamed with several minority investors and acquiredOlson in October 2009 out of its fourth fund as part of a recapitalization deal. KRG Capital Fund IV LP closed in 2007 at $1.96 billion.

In 2010, Denver-based private equity firm KRG grew the company with an add-on acquisition, picking up rival Minneapolis advertising agency Denali Marketing. Over the years, Olson's client base grew to include a variety of retail, tourism and consumer brands, including  Hyatt Hotels & Resorts, and P.F. Chang’s China Bistro.

The transaction serves as a way for ICF, a consulting and economic analysis provider to government clients, to gain an entry into marketing. The Fairfax, Virginia, firm has 70 offices across the globe.

Craig Mineard, Charles Stocks and David Luse of Jefferies advised Olson on the deal.

Hogan Lovells handled legal matters for Olson. The team included Keith Trammell, as well as associates Joshua Clark, Jim Fipp and Allison Donovan.

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