UPDATE: Public Policy Holding Company Acquires Florida Lobbying Firm The Advocacy Partners for Up To $75M; Initial $20.4M Paid Upfront, $18.36M In Cash, $2.04M In Stock And Earnout Of Up To $54.6M

Public Policy Holding Co., Inc.

Public Policy Holding Co., Inc.

PPHC

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Key terms of the Acquisition

  • The initial consideration of $20.4 million was satisfied on completion, which occurred on August 1, 2026, in part by the issuance of New Common Shares, totaling $2.04 million, and the balance of $18.36 million paid in cash, funded from the Company’s balance sheet. Shares issued to the owners of the selling entity, and certain key employees, will be subject to a vesting period, and those owners and key employees will additionally be subject to certain restrictive covenants.
  • As part of the purchase consideration, in addition to the initial consideration, future earnout payments could be made with the final payment taking place after the end of 2030. These payments are contingent on TAP delivering profit growth between 2026 and 2030. Such future payments will be satisfied by a mix of cash and equity, and the maximum amount payable is $54.6 million.
  • Including the initial consideration of $20.4 million and the maximum earnout consideration of $54.6 million, the maximum aggregate consideration is $75 million. This maximum would be achieved if TAP was to realize approximately 35% compound annual profit growth through 2030.
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