Public Policy Holding Company (PPHC) Registration filing summary

Company overview and business model

• Operates a portfolio of 12 member companies providing global strategic communications, government relations, corporate communications, public affairs, and compliance services across the US, UK, Europe, Asia, and the Middle East.

• Serves over 1,400 clients, including nearly half of the Fortune 100, with a diversified, retainer-based revenue model and low client concentration risk.

• Business model combines scale and boutique quality by integrating specialized firms, incentivizing collaboration, and maintaining operational autonomy for member companies.

• Growth strategy centers on targeted acquisitions, organic expansion, and cross-selling, with recent acquisitions in Texas, California, and the UK.

• Three reporting segments: Government Relations Consulting, Corporate Communications & Public Affairs Consulting, and Compliance and Insights Services.

Financial performance and metrics

• Revenue grew at a 28.1% CAGR from 2018 to 2024, reaching $149.6M in 2024 and $186.5M in 2025, with organic growth contributing 6.2% in 2025.

• Adjusted EBITDA was $38.6M in 2024 (25.8% margin) and $45.5M in 2025 (24.4% margin); net loss increased to $24.0M in 2024 and $39.4M in 2025, mainly due to non-cash share-based charges and acquisition-related expenses.

• Cash and cash equivalents were $20.4M at year-end 2025, with net debt rising to $26.6M, reflecting acquisition financing.

• High client retention: average annual renewal rate of 77.4% and revenue retention of 85.5% (2021–2025).

• Top 10 clients accounted for 9.2% of revenue in 2025, indicating low concentration risk.

Use of proceeds and capital allocation

• Net proceeds of $39.1M ($47.3M if over-allotment exercised) expected from the IPO, based on an assumed price of $14.08 per share.

• Proceeds will fund working capital, general corporate purposes, and potential future acquisitions; no specific acquisitions are currently pending.

• Dividend policy targets a payout ratio of ~30% of Adjusted Net Income, but is subject to board discretion and may change to support growth.