PPHC Expands Florida Footprint with $75M Advocacy Partners Acquisition — Public Policy Holding Company, Inc. (PPHC)

Event summary

PPHC acquires The Advocacy Partners (TAP) for up to $75M, including a $20.4M initial payment and potential earnouts through 2030.
TAP reported $9.5M in net revenues and $4.6M in profit before tax for 2025, with a 48% margin.
Deal strengthens PPHC’s presence in Florida, adding to its existing operations in California and Texas.
TAP’s founders, Slater Bayliss and Stephen Shiver, will continue leading the firm under PPHC’s ownership.

The big picture

PPHC’s acquisition of TAP underscores the growing importance of state-level government relations in an era where policy decisions are increasingly shifting from Washington to individual states. With this deal, PPHC solidifies its position as a leader in strategic communications across key U.S. markets, including Florida, California, and Texas—states that collectively represent some of the largest and most policy-active economies in the country.

What we're watching

Geographic Expansion: Whether PPHC can sustain its growth strategy by integrating TAP into its existing state-level government affairs footprint.
Earnout Performance: The pace at which TAP achieves the profit growth targets required to unlock the full $75M deal value.
Cross-Sell Opportunities: How effectively PPHC leverages TAP’s Florida expertise to drive cross-selling of its federal and corporate communications services.