Accretive acquisition expands strategic communications capabilities, extends reach into new geographies and introduces a global sports advisory service
Public Policy Holding Company, Inc. (AIM: PPHC), the leading government relations and public affairs group, is pleased to announce it has entered into a binding agreement on 24 January 2025 to acquire TrailRunner International LLC (“TrailRunner”), a Texas-based global communications advisory firm, for an initial consideration of $33 million (the “Acquisition”). On completion, the Acquisition is anticipated to be immediately accretive to the Group’s underlying earnings.
Acquisition Overview
PPHC has entered into a binding agreement on 24 January 2025 to acquire TrailRunner for an initial consideration of $33 million. On completion, the Acquisition is anticipated to be immediately accretive to the Group’s underlying earnings.
The Acquisition significantly expands PPHC’s capabilities in the large and growing strategic communications market, including corporate affairs, financial communications, crisis communications, litigation communications and reputation management. TrailRunner and PPHC are highly complementary with the combined Group presenting clear and immediate potential for cross-selling and integrated servicing for c.1,300 existing clients.
Founded in 2016 by Executive Chairman Jim Wilkinson, TrailRunner operates with a global team across offices in Dallas/Fort Worth, Texas (where the firm is headquartered), as well as New York, Nashville, and Northern California. The firm also serves global and regional clients from its locations in London, Shanghai, Abu Dhabi and Dubai, with approximately 80 employees supporting its operations worldwide.
Completion of the Acquisition is subject to certain conditions which management expects will be satisfied by 1 April 2025.
Strategic Rationale
The Acquisition is in line with PPHC’s longstanding objective to build, bring together and grow a portfolio of complementary businesses with specialist communications capabilities in order to help clients navigate the world’s most challenging crises, policy risks and opportunities. It also supports the Group’s stated M&A strategy by significantly expanding its strategic communications capabilities and broadening its geographic reach.
PPHC’s global clients require a service provider able to support them across all communications disciplines and in the various geographies where they operate. This acquisition establishes Group operations and a presence in key growth markets, including:
- Dallas/Fort Worth, Texas, and Nashville, Tennessee – central cities with reach into the growing heartland of the US South, Midwest, and Southwest.
- New York, where TrailRunner retains deep financial and corporate sector expertise.
- Northern California, an innovation hub, further amplifying and broadening the expertise PPHC has already established in the state.
- Across strategic locations in the UK, Middle East and Asia, deepening PPHC’s global footprint.
Upon completion, the addition of TrailRunner’s capabilities in corporate affairs, financial communications, crisis communications, litigation communications and reputation management represents a natural evolution of PPHC’s core service offerings of government relations and public affairs. In an environment where political issues instantly evolve into reputational crises—and vice versa—these expanded capabilities enable PPHC to deliver an integrated service suite that bridges policy advocacy with corporate reputation and strategic positioning.
Furthermore, the Acquisition includes TrailRunner Sports, a leading sports advisory practice established as a joint venture with Legends, the world’s preeminent premium live events company. TrailRunner Sports provides strategic business advisory and communications support to global sports clients spanning leagues, teams, educational institutions, investors, ownership groups and others. This addition broadens PPHC’s ability to offer tailored expertise in the dynamic sports sector and demonstrates its commitment to diversifying its offerings in high-growth markets.
This holistic approach enhances PPHC’s ability to serve its clients’ C-suites, providing a comprehensive advisory framework to navigate complex challenges across regulatory, media, and stakeholder landscapes.
This is PPHC’s fifth significant acquisition since its IPO in 2021 and second that expands its international reach. Upon completion, the Group will have invested substantial capital into M&A through a combination of cash and shares, demonstrating its ongoing commitment to executing its growth strategy. All completed acquisitions to date have been successfully integrated to become value contributing members of the Group.
Stewart Hall, CEO of PPHC, commented:
“The acquisition of TrailRunner simultaneously entrenches our market leading US position and establishes our business as a truly global strategic communications group. It advances our longstanding strategy of building the world’s most comprehensive provider of government relations and corporate communications services.
“By combining TrailRunner’s deep expertise in corporate and financial communications, crisis management and sport with our existing capabilities, we create immediate value for existing, as well as prospective, clients across all markets. TrailRunner’s strong presence in America’s key business centres, combined with its international reach into Europe, Asia and the Middle East delivers on our vision of serving clients with the most important policy and communications needs wherever they operate.”
Jim Wilkinson, Founder and Executive Chairman of TrailRunner, added:
“TrailRunner is a unique and exciting growth company with a track record of proven financial success, an aggressive growth strategy and a deep bench of talent to execute this growth plan. Given the growing global megatrend of the collision of critical factors including corporate reputation, government relations, finance, crisis, litigation and sports, I can think of no better partner than PPHC to help TrailRunner expand into significant future international growth.”
