Public Policy Holding Company, Inc. (AIM:PPHC) acquired Lucas Public Affairs on May 1, 2024. The initial consideration of $7.5 million was funded 80% ($6.0 million) in cash and 20% ($1.5 million) through the issue of 958,371 new common shares in PPHC to the owners of LPA. Further earnout payments are contingent on LPA achieving an agreed level of profit growth between 2024 and 2028, promoting alignment with the Group's broader growth objectives. The Group has separately announced today that it has entered into a $13.0 million credit facility from Bank of America, of which $6.0 million has been deployed to fund the cash element of the initial consideration. For the year ended December 31, 2023, LPA recorded (unaudited) net revenues of $6.5 million. The Acquisition is immediately accretive to the Group's underlying earnings. Fred Walsh and Tom Marsh of Stifel Financial Corp acted as financial advisor to Public Policy Holding Company.

Public Policy Holding Company, Inc. (AIM:PPHC) completed the acquisition of Lucas Public Affairs on May 1, 2024.