A bipartisan US government lobbying group has chosen the London base stock exchange for listing due to its advantage in raising smaller amounts on Aim than in much larger public markets. of the United States.
Public Policy Holding Company, a public affairs group that has appointed prominent Republican lawyer Benjamin Ginsberg to its board, has raised more than £30 million from an election in Aim today. Monday.
Ginsberg served as national adviser to the Bush-Cheney presidential campaigns in 2000 and 2004, as well as the Romney campaigns for President in 2008 and 2012.
The group has attracted new investors including Bill Miller, former chairman and chief investment officer of Legg Mason, through his fund manager Miller Value Partners. The market capitalization of the company based on the transaction price is £146 million.
PPHC was created from the amalgamation of several companies in industry and government affairs in the United States. About two-thirds of the proceeds will be given to existing shareholders who are selling shares, while the remainder will be partly used as a treasury to fund acquisitions to help expand the business. The group’s free float will be around 26%.
Stewart Hall, chief executive of PPHC, says that the group currently has no connections to the UK, but adds that “in the US we don’t have a market like Aim” that caters to businesses smaller than that.
Nasdaq’s “size and liquidity” will make it more difficult to stay afloat, he added, while UK-listed shares will act as a currency to fund plans. plan to acquire the company in the future.
Hall said the US strategic communications industry is worth $17.6 billion by 2020, “but the lobbying and public affairs market is dominated by small and medium-sized companies.”
“We believe this market is ripe for consolidation,” he added.
At the end of December 31, 2020, the group had more than 700 “positive customer relationships” including trade associations and NGOs across the US economy in the healthcare sector. and pharmaceuticals, financial services, energy, technology and telecommunications.
Hall said the business will focus on the United States for acquisitions, pointing to demand for the service not just in Washington but across major state capitals. But he said the group would see “important capitals of the West” as potential markets for expansion.
Hall said the company will use Aim to raise more capital as potential acquisitions emerge, adding that the market offers good “access to growth capital” and “tradeable securities.” translate” to give potential targets.