Business
Acquisition of Lucas Public Affairs
Acquisition of Lucas Public Affairs.
About this update from Public Policy Holding Co., Inc.
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.\n \nPublic Policy Holding Company, Inc.\n \n(\"PPHC\" or the \"Group\")\n \nAcquisition of Lucas Public Affairs\n \nEarnings accretive acquisition expands Group presence in key California market\n \nPublic Policy Holding Company (AIM: PPHC), the government relations and public affairs group providing clients with a fully integrated and comprehensive range of services, has acquired Lucas Public Affairs, LLC (\"LPA\"), a premier California-based public affairs firm (the \"Acquisition\"), for an initial consideration of $7.5 million. The Acquisition is immediately accretive to the Group's underlying earnings.\n \nThis is PPHC's third significant acquisition since IPO in December 2021 and LPA becomes the 9th brand to sit within the Group's broad umbrella.\n \nBased in Sacramento, California and founded in 2006, LPA is led by Donna Lucas, CEO, and Cassandra Pye, President. It has 28 full-time employees and represents leading corporations and organisations on issues of local, state and national importance.\n \nAcquisition highlights\n· The Acquisition is in line with the Group's growth strategy and, alongside the 2022 acquisition of KP Public Affairs, significantly expands its already market leading offering in California.\n· As a wholly-owned subsidiary of PPHC, LPA will retain its distinct brand identity and its long-standing management team and staff.\n· The initial consideration of $7.5 million was funded 80% ($6.0 million) in cash and 20% ($1.5 million) through the issue of new common shares in PPHC to the owners of LPA (the \"New Common Shares\").\n· Further earnout payments are contingent on LPA achieving an agreed level of profit growth between 2024 and 2028, promoting alignment with the Group's broader growth object...