14th Jul 2025 15:54
(Alliance News) - Public Policy Holding Co Inc on Monday said it has agreed to acquire Texas-based strategic consultancy Pine Cove Capital for up to USD13 million, marking an expansion into a key state market seen as critical to the group's US growth strategy.
The Washington, DC-based group of advisory firms specialising in government affairs and public relations said it will pay an initial USD3 million, comprising USD2.55 million in cash and USD450,000 in new shares.
Further earnout payments are contingent on profit growth through 2028 and could lift the total price to USD13.0 million.
The acquisition is expected to complete in August and be immediately earnings accretive. The business will be renamed Pine Cove Strategies and led by Commissioner George P Bush, a former Texas land commissioner and US Navy intelligence officer.
Based in Austin, Pine Cove provides strategic consulting to clients ranging from start-ups to Fortune 500 firms. It reported USD1.6 million in revenue and USD700,000 in pretax profit for the year to May 31.
PPHC said the deal aligns with its aim to build state-level lobbying capabilities, complementing federal services. Texas, it added, is a top priority due to its economic size and political influence.
Pine Cove will become PPHC's third state-level unit, joining KP Public Affairs in California and O'Neill & Associates in Massachusetts.
Shares in Public Policy Holding were up 3.7% to 167.00 pence in London on Monday afternoon.
By Eva Castanedo, Alliance News reporter
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