Remain campaigner Rudd set to make millions by going global
However, the KKR deal – which will involve the private equity shop taking a 30 per cent stake of FGS – shows how big these PR firms are becoming, and much less British.
The new investment values FGS at around $1.4bn . But it will soon be billing $500m in consultancy fees each year. Brunswick is already thought to be achieving that, having itself sold a 10.7 per cent stake to US merchant bank BDT Capital Partners in 2021. Founders such as Rudd and Parker are becoming very rich as they gradually pass the baton on to American investors who strive to further scale up these consultancies. They say that the world’s biggest corporations are seeking consistent strategy and reputational advice in business hubs across the globe.
So these consultancies now offer financial PR integrated with political comms, sustainability, campaigning and reputation strategy. And blue chip firms are lapping it up. But while there are glittering prizes for the best corporate PR consultants, such consolidation and scale bring their own, cultural challenges. As the founders cash in, these agencies will see a jostling for position from the next generation of ambitious leaders and investors.
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