PPHC Acquires The Advocacy Partners for up to $75M; Adds $9.5M Revenue
Public Policy Holding Company (PPHC) announced the acquisition of The Advocacy Partners (TAP), a leading Florida government relations firm, for an initial consideration of $20.4 million and potential earnout payments up to $54.6 million, totaling a maximum of $75 million. The acquisition is immediately earnings accretive, adding TAP's $9.5 million in net revenues and a 48% profit margin (unaudited 2025) to PPHC. This strategic move expands PPHC's market-leading U.S. state government relations network, establishing a strong presence in Florida, one of the fastest-growing U.S. states.
Key Highlights
- PPHC acquired The Advocacy Partners (TAP), a Florida government relations firm.
- TAP reported $9.5 million in net revenues for the year ended December 31, 2025.
- TAP's profit before tax was $4.6 million, representing a 48% margin.
- Initial acquisition consideration was $20.4 million, paid in cash ($18.36M) and shares ($2.04M).
- Potential future earnout payments could reach up to $54.6 million.
- Maximum aggregate consideration for the acquisition is $75 million.
- The acquisition is immediately earnings accretive to PPHC.
Price Impact
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