LONDON: Public Policy Holding Company (NASDAQ: PPHC; AIM: PPHC.L) has acquired The Advocacy Partners, one of Florida’s top government relations firms, for an initial payment of $20.4 million, the company announced. The deal marks PPHC’s entry into Florida and adds to a national network of state-level lobbying operations.
The acquisition closed August 1 and is immediately accretive to earnings, according to the strategic communications firm. It gives PPHC a foothold in Florida, which company officials described as the fourth-largest state economy in the U.S. and one of the fastest growing.
Deal Terms
The initial $20.4 million consideration was paid at closing through a combination of cash and stock. PPHC issued 237,489 new common shares at $8.58987 each, worth about $2.04 million, with the remaining $18.36 million paid in cash from the company’s balance sheet. Shares issued to TAP’s owners and certain employees will vest over time and carry restrictive covenants.
The deal also includes future earnout payments tied to TAP’s profit growth through 2030, capped at $54.6 million. Combined with the initial payment, the maximum total consideration could reach $75 million if TAP achieves roughly 35% compound annual profit growth over that period. The company said TAP’s net assets transferring at closing amount to nil.
PPHC has applied to list the newly issued shares on London’s AIM market, with trading expected to begin around August 6. Once admitted, PPHC’s total issued share capital will stand at 30,244,726 common shares.
Firm’s Track Record
Founded more than 20 years ago, The Advocacy Partners advises corporations, trade associations and institutional clients on legislative, regulatory and executive-branch matters in Tallahassee. For 2025, the firm reported unaudited net revenues of $9.5 million and unaudited pretax profit of $4.6 million, a 48% margin, PPHC said.
Co-founders Slater Bayliss and Stephen Shiver will continue leading the firm, which will keep its name, staff and operating structure. Bayliss previously served in Gov. Jeb Bush’s administration and has been named among Florida’s most influential political figures by INFLUENCE magazine and The Florida Standard. Shiver has spent more than two decades working with members of the Florida Legislature.
Strategic Context
PPHC framed the purchase as part of a broader strategy of expanding into major state markets, following earlier moves into California and Texas. Company leaders said the addition gives PPHC leading positions in three of the largest and most policy-active state markets in the country, complementing the national coverage provided by its member company, MultiState.
PPHC also said the acquisition will support cross-selling opportunities, pairing TAP’s state-level work with the firm’s federal lobbying and corporate communications teams as clients increasingly need coordinated advocacy at both levels of government.
Executive Comments
“What excites us most is the people, the relationships, and the opportunities it creates,” PPHC Chief Executive Stewart Hall said in a statement, adding that the deal gives clients a “coast-to-coast state government affairs offering that no other can match.”
Bayliss said joining PPHC would let the firm keep its focus on client relationships while gaining access to a larger federal practice and international network. Shiver said the firm had fielded interest from other organizations over the years but that PPHC stood out for sharing the firm’s emphasis on relationships and reputation.
PPHC trades on the Nasdaq under the ticker PPHC and on London’s AIM market under PPHC.L.
