PPHC buys Reevemark for up to $80m

Public Policy Holding Company said in a Globe Newswire press release on Nov. 2 that it acquired Reevemark LLC for total consideration of up to $80.0 million.

The purchase price compares with Reevemark’s anticipated unaudited 2026 net revenue of $11.2 million, equal to about 7.1 times revenue according to Atlas360 calculations.

The transaction closed on Nov. 1. PPHC said the $80.0 million consideration includes $28.0 million upfront and as much as $52.0 million in contingent payments, an earn-out linked to future performance.

“Reevemark is a game-changing acquisition for PPHC,” Stewart Hall, PPHC’s chief executive officer, said in the press release. He said the purchase supports the company’s strategy of adding earnings-accretive businesses in growth markets.

Reevemark, based in New York, will keep its name and operate as a standalone business inside PPHC’s TrailRunner International group. PPHC said the firm adds 17 professionals and advises public and private companies, asset managers and select individuals.

PPHC said Reevemark’s work spans litigation, crises, shareholder activism, transactions, bankruptcy, restructurings and regulatory investigations. Reevemark was founded in 2018 by Brandy Bergman, Hugh Burns, Paul Caminiti, Delia Cannan and Renée Soto.

The acquisition follows PPHC’s July 2026 purchase of Tancredi Intelligent Communication Ltd., a London-based strategic communications and advisory firm that also sits under the TrailRunner International umbrella. PPHC said the Reevemark deal gives its approximately 1,500 clients access to Reevemark’s specialist services, while Reevemark clients gain access to PPHC’s network in Washington, U.S. states, London and Europe.

The upfront payment is expected to include 135,744 new common shares, valued at $1.4 million at $10.3136 a share, and $26.6 million in cash. PPHC said the cash portion is expected to be funded through a new credit facility expected to close later on Nov. 2, with a further announcement to follow.

The contingent payment is tied to performance. PPHC said the full $52.0 million would be reached if Reevemark records approximately 35% compound annual profit growth through 2031. The company said Reevemark anticipates unaudited 2026 profit before tax of $3.9 million after adjustments for PPHC’s remuneration policy.

Reevemark recently launched Sentinel, which PPHC described as an agentic AI simulation capability for high-stakes matters. In plain terms, that means software designed to run automated scenario tests, modeling how stakeholders may respond to client actions and how audience reactions may change over time. The release did not provide financial details for Sentinel.

GP Bullhound was Reevemark’s exclusive financial adviser on the transaction, according to the press release. PPHC shares trade on Nasdaq and on AIM under the ticker PPHC.

Investors and clients will next be able to assess whether PPHC closes the new credit facility it said is expected to fund the $26.6 million cash balance of the initial consideration on Nov. 2. PPHC said it would issue a follow-up announcement with details of the credit facility after closing.

Reevemark’s profit growth through 2031 will determine how much of the contingent consideration is paid. PPHC said the full $52.0 million contingent consideration requires approximately 35% compound annual profit growth through 2031.