Public Policy Holding Company has acquired London’s Pagefield Communications Ltd. strategic communications/public affairs shop for up to $38.1M based on earn-out payments through 2028.

The initial outlay for the publicly traded Washington-based holding company is $20.5M, of which 93 percent of the amount is cash.

Pagefield, which has 36 staffers, is PPHC’s first overseas deal and becomes its tenth operating company.

Stewart Hall, CEO of PPHC, has been targeting international M&A, especially in the key political capitals of London and Brussels, since its IPO in 2021.

“In Pagefield, we have acquired a high-quality business with outstanding people and a sought-after client base,” he said. “Our clients are global by nature, present in multiple geographies and it is essential that we can support them wherever they operate.”

About half of PPHC’s 1,200 clients are Fortune 500 companies. PPHC registered $135M in revenues last year and EBITDA of $24.1M.

Mark Gallagher, Oliver Foster and Sara Price launched Pagefield in 2010. It recorded $7.6M in 2023 revenues and $2.9M pre-tax profit. Foster will continue as CEO, with Gallagher and Price serving as senior advisors.

PPHC owns Seven Letter, Crossroad Strategies, Forbes Tate Partners, O’Neill & Assocs., Concordant, MultiState Assocs., Alpine Group Partners, Lucas Public Affairs, and KP Public Affairs.