Public Policy Holding Company (PPHC) Registration filing summary

Company overview and business model

• Operates a portfolio of 12 specialized firms in government relations, corporate communications, and compliance, serving over 1,300 clients globally, including nearly half of the Fortune 100.

• Business model combines scale and boutique quality by integrating stand-alone firms with shared infrastructure and incentivized collaboration.

• Services span government relations (lobbying), crisis and financial communications, public affairs, research, and compliance, with a presence in the US, UK, Europe, Asia, and the Middle East.

• Growth strategy centers on targeted acquisitions and organic expansion, with recent additions in Texas, California, and international markets.

• Revenue is primarily retainer-based, providing high visibility and predictability, with low client concentration risk.

Financial performance and metrics

• Revenue grew at a 28.1% CAGR from 2018 to 2024, reaching $149.6 million in 2024 and $136.7 million for the nine months ended September 30, 2025.

• Adjusted EBITDA was $38.6 million in 2024 (25.8% margin) and $33.0 million for the nine months ended September 30, 2025 (24.1% margin).

• Net loss for 2024 was $24.0 million, primarily due to non-cash share-based charges and acquisition-related expenses.

• Organic revenue growth was 2.7% in 2024 and 6.5% for the nine months ended September 30, 2025.

• Cash flow from operations was $16.4 million in 2024 and $10.0 million for the nine months ended September 30, 2025.

• Net debt increased to $17.5 million at year-end 2024 and $38.5 million as of September 30, 2025, reflecting acquisition activity.

Use of proceeds and capital allocation

• Net proceeds of approximately $40.5 million (up to $48.8 million if over-allotment is exercised) will be used for working capital, general corporate purposes, and potential future acquisitions.

• No proceeds will be received from shares sold by selling shareholders.

• Dividend policy targets a payout ratio of ~30% of Adjusted Net Income, but the rate was halved in January 2025 to retain capital for growth.