London PR firm Powerscourt snapped up amid flurry of comms M&A activity
US advisory business Morrow Sodali has bought London communications agency Powerscourt for an undisclosed sum, the companies confirmed today.
Powerscourt’s founder and chief executive Rory Godson hailed the takeover as an “exciting opportunity” for both companies.
“We will now be able to deliver greater perspective for boards, leadership teams and public figures”, he said.
It confirms a report by Sky News yesterday that the firm, founded in 2004 by former Sunday Times journalist Rory Godson, was on the brink of a sale, worth as much as £50m.
Powerscourt conducts communications for big name clients such as fashion retailer All Saints and gambling giant Entain, as well as dealing with corporate crises, such as that of Bernard Looney, the former BP chief.
It is the latest consolidation in the PR, advisory and communications market, with Finsbury – founded by former Remain campaign chief Roland Rudd – selling a 29 per cent stake to American private equity company KKR, in April.
A few months prior, New York-headquartered Teneo snapped up London’s Tulchan for a reported £65m.
“Corporates are operating in an increasingly complex business environment, with heightened levels of stakeholder scrutiny and reputational challenge,” sadi Christian Sealey, international chief executive at Morrow Sodali, which is backed by the private equity giant TPG.
“The acquisition of Powerscourt is a significant development for Morrow Sodali and is a key part of our global strategy to create a unique, highly differentiated, full-service proposition for our clients,” he added.