A WPP or Omnicom for public policy and strategic communications.

An Interpublic Group (IPG) for government relations and corporate affairs.

• Government Relations Consulting: This service involves advocacy, strategic guidance, political intelligence, and issue monitoring for clients interacting with governmental bodies at federal, state, and international levels.
• Corporate Communications & Public Affairs Consulting: This segment provides a wide array of services including crisis management, financial and investor relations, litigation support, community relations, public opinion research, branding, messaging, and social/digital media strategies.
• Compliance and Insights Services: This service offers specialized support for lobbying compliance and legislative tracking to ensure clients meet regulatory requirements.

Public Policy (PPHC) primarily sells its global strategic communications services to other companies and organizations.

The company does not disclose the names of its specific customers. PPHC explicitly states that it has a diversified client base and low client concentration risk, with no single client representing more than 2.1% of its overall revenue in 2025. Therefore, no individual "major customer" can be identified by name based on the provided information.

However, PPHC's client portfolio is described as including:

• Nearly half of the Fortune 100 companies.
• A wide range of entities from start-ups to established businesses and Fortune 500 companies.
• Major corporate and non-profit entities across diverse sectors such as healthcare and pharmaceuticals, asset management and financial services, energy, technology, telecoms, and transportation.

Stewart Hall, Chief Executive Officer

Stewart Hall co-founded Public Policy Holding Company (PPHC) in 2014 and is also the co-founder and Chairman of Crossroads Strategies, LLC. He co-founded Federalist Group, LLC in 1999, which was later acquired by Ogilvy Public Relations (WPP) in 2005. Prior to his private sector ventures, he served as Legislative Director to Senator Richard Shelby (R-AL) from 1992-1996, where he gained experience in defense policy, appropriations, financial services, and Senate procedure.

Roel Smits, Chief Financial Officer

Roel Smits joined PPHC in May 2022 as Deputy Chief Financial Officer and was appointed CFO in July 2023. He has extensive experience in private equity, corporate M&A, and CFO roles in business services. Before PPHC, he spent 10 years in various CFO positions at Kantar, a global research and insights firm jointly held by WPP and Bain Capital, most recently as CFO of Kantar Americas. He also spent six years leading the North American M&A team for WPP and eight years gaining M&A experience at HAL Investments, a family-controlled private equity firm.

Jill Kendrick, Chief Operating Officer

Jill Kendrick has been with PPHC since its inception. Prior to PPHC, she served as the Chief Financial Officer of Crossroads Strategies, one of PPHC's founding firms, where she was responsible for building the financial and human resources infrastructure. Before Crossroads Strategies, she was the Chief Administrative Officer of Ogilvy Government Relations, overseeing financial and personnel activities.

John Green, Chief Client Officer

John Green was appointed Chief Client Officer in January 2025 and continues to serve as Chairman of Crossroads Strategies, one of PPHC's federal affairs firms. He brings over two decades of experience in the federal policy space, having co-founded Federalist Group, LLC, which was subsequently acquired by Ogilvy Public Relations.

Thomas Gensemer, Chief Strategy Officer

Thomas Gensemer joined PPHC with nearly 20 years of experience in advertising, public affairs, and politics. From 2005 to 2013, he served as CEO and Managing Partner of Blue State Digital (BSD), leading the agency through significant growth until its acquisition by WPP in late 2011. In 2014, he became Chief Strategy Officer for BURSON (then Burson-Marsteller), also a WPP company, where he managed a portfolio of global clients and led the firm's research, analytics, and creative functions.

Key Risks to Public Policy (PPHC):

1. Integration and Execution Risk of Acquisition-Led Growth Strategy: Public Policy's growth and business model are heavily reliant on acquiring and integrating diverse firms specializing in government relations, corporate communications, and public affairs. The company explicitly states its growth through "targeted acquisitions and organic growth" and details several recent acquisitions. The success of this strategy is contingent on the company's ability to identify suitable acquisition targets, successfully integrate their operations, maintain their distinct expertise while fostering collaboration, and realize the expected synergies. Failure to effectively integrate acquired entities, or a lack of suitable future acquisition opportunities, could impede the company's growth trajectory and impact its ability to deliver its "scale and quality" value proposition.
2. Reputational and Regulatory Risk in Government Relations and Lobbying: A significant portion of Public Policy's business involves "Government Relations Consulting services," commonly known as lobbying. This sector is subject to stringent regulatory oversight and high public scrutiny regarding ethical practices and influence peddling. Any actual or perceived unethical conduct by the company or its member firms, changes in lobbying laws or enforcement, or negative public perception regarding lobbying activities, could severely damage the company's reputation, lead to regulatory penalties, or reduce client demand for these services. Given the close professional ties of its founders and senior managers to government entities, this risk is particularly pertinent.

Public Policy (PPHC) operates in several addressable markets:

• Disclosed federal lobbying expenditure: $4.4 billion (U.S.)
• Disclosed US state-based lobbying expenditure: $2.2 billion (U.S.)
• Global public affairs spend: $5.6 billion (Global)
• Global corporate communications spend: $8.4 billion (Global)

Public Policy Holding Company (PPHC) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Strategic Acquisitions and Integration: PPHC's business model is centered on acquiring and integrating businesses specializing in various facets of the global strategic communications market. The company recently completed earnings-accretive acquisitions of TrailRunner International in April 2025 and Pine Cove Strategies in August 2025, demonstrating a continued commitment to this growth strategy. PPHC also stated its intention to "continue to look for opportunities to broaden the geographic scope of our services both domestically and abroad."

2. Expansion into New Geographic Markets and Enhanced Service Capabilities: PPHC has expanded its global reach and service offerings through recent acquisitions. For instance, the acquisitions of Pagefield in June 2024 and TrailRunner in April 2025 broadened operations to key U.S. markets, as well as to London, Shanghai, Abu Dhabi, and Dubai, providing truly global reach in significant financial centers. The acquisition of TrailRunner also made corporate, crisis, and financial communications a larger part of the company's offering.

3. Organic Growth through Cross-Selling and Client Penetration: The company's business model is designed to optimize corporate strategy, cross-selling, and referral opportunities among its portfolio companies. PPHC incentivizes cross-company selling and collaboration, aiming to leverage the diverse expertise of its 12 member companies to offer a comprehensive suite of services to its more than 1,400 active client relationships.

4. Growing Demand in the Total Addressable Market (TAM): PPHC operates in large and growing markets, estimating its total addressable market in 2024 to be in excess of $20.0 billion. This growth is driven by the increasing complexity and costs faced by major corporate and non-profit entities in managing intricate public policy and reputational challenges. The company specifically highlights growth in global public affairs spend and global corporate communications spend as significant components of this expanding market.

Share Issuance

• As part of the initial consideration for the acquisition of TrailRunner in January 2025, Public Policy issued common stock valued at approximately $4.9 million.
• Public Policy issued common stock valued at approximately $0.4 million as part of the initial consideration for the acquisition of Pine Cove in July 2025.

Outbound Investments

• In January 2025, Public Policy announced the acquisition of Texas-based TrailRunner for initial consideration of $33.0 million, with potential additional contingent payments of up to $37.0 million.
• Public Policy announced the acquisition of Pine Cove in July 2025 for initial consideration of $3.0 million, with additional contingent payments of up to $10.0 million.
• Public Policy expanded its operations through the acquisition of Pagefield in June 2024.