July 14, 2025 • News

PPHC to Acquire Pine Cove Strategies

Public Policy Holding Company, Inc. (AIM: PPHC), the leading government relations, public affairs and strategic communications group, has entered into a binding agreement on 11 July 2025 to acquire the business and assets of Pine Cove Capital, LLC, a premier Texas-based strategic consulting firm (the “Acquisition”), for an initial consideration of $3.0 million and a total potential consideration of $13.0 million. Upon completion, which is anticipated to occur in August 2025, the Acquisition is expected to be immediately accretive to the Group’s underlying earnings.

Based in Austin, Texas, Pine Cove Capital is led by the Honorable George P. Bush, who previously served as the 28th Land Commissioner for the State of Texas.

Following completion, under Commissioner Bush’s leadership and operating under a new name, Pine Cove Strategies (“Pine Cove”) intends to establish and build a Texas state government relations practice in addition to its existing strategic consulting offering.

Acquisition highlights

  • The Acquisition is in line with the Group’s growth strategy to expand into certain key US state capitals, complementing the Group’s federal capabilities with best-in-class local market expertise. Texas, as one of the largest state economies and most consequential for public policy activities, has long been one of the Group’s stated priorities for local government relations expansion.
  • Austin, the capital of Texas, is a critical nexus of business, politics, and regulatory affairs. Together with the April 2025 acquisition of TrailRunner International, this Acquisition enhances the Group’s ability to deliver top-tier strategic communications and government relations services across Texas, supporting clients at greater scale both locally and nationally.
  • Pine Cove will become PPHC’s third state government relations operation, alongside KP Public Affairs (California) and O’Neill and Associates (Massachusetts). Combined with MultiState’s 50-state reach, this further strengthens PPHC’s leadership in the fragmented state government relations market.
  • The business assets of Pine Cove Capital, LLC will be acquired through a newly formed wholly owned subsidiary, Pine Cove Strategies, LLC, which will retain its brand and operate independently. The Group sees strong revenue and profit synergy potential across its 1,300+ client base.
  • Upon completion, the Acquisition is expected to be immediately accretive to underlying earnings per share. 

 Overview of Pine Cove Capital

  • Pine Cove Capital is a strategic consulting firm that serves as a long-term partner to clients ranging from start-ups to established businesses and Fortune 500 companies.  It advises and supports clients in navigating regulatory and complex business challenges. The founders, Commissioner George P. Bush and Amanda Bush, are native Texans with combined experience of over 40 years in government, business and law. Pine Cove Capital has a far-reaching network throughout Texas, the second largest state economy in the US and would rank as the 8th largest economy in the world.
  • Commissioner Bush is an attorney, businessman and former Naval Intelligence Officer.  Before co-founding Pine Cove Capital, he served as the 28th Texas Land Commissioner.
  • Amanda Bush is an attorney who practiced commercial law for 14 years before co-founding Pine Cove Capital. She has sat on the Board of Directors and Board of Advisors for several clients.

Stewart Hall, CEO of PPHC, commented:

“Texas is a priority market and of critical importance to the national and global economy. It is also a state that is currently experiencing a significant influx of business. PPHC, with unmatched local scale, is set to capitalise on this as the requirement for our capabilities increases. I’m therefore extremely pleased to welcome Pine Cove to the PPHC family. With George and Amanda’s deep relationships and proven track record in Texas politics, we’re looking forward to turbo charging Pine Cove’s growth by adding a government relations practice to its existing strategic communications services, and through the cross-referral of work within the broader PPHC network.”

Commissioner George P. Bush, Managing Partner of Pine Cove Strategies, commented:

“Joining PPHC marks a transformative step for Pine Cove Capital and our clients,” said Commissioner Bush.  “By combining our deep Texas roots and local expertise with PPHC’s national scale and resources, we can deliver a broader suite of services and greater strategic value to organizations navigating today’s complex policy and business landscape. This partnership empowers us to offer clients seamless access to top-tier government relations and communications capabilities—both in Texas and across the country—while retaining the personalized service and trusted relationships that define our firm. Together, we are uniquely positioned to help clients achieve their goals in one of the world’s most dynamic markets, leveraging PPHC’s extensive network and proven track record of success.”