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WPP Welcomes KKR as Strategic Partner in FGS Global
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
WPP announces that KKR has made a growth investment in FGS Global, a strategic advisory and communications consultancy where WPP holds a majority stake. This investment values FGS Global at $1.425 billion.
FGS Global, with 1,300 experts, has a strong reputation in financial communications, advising on 322 deals valued over $657 billion in 2022. Post-investment, WPP will remain the majority owner, while FGS employees continue as substantial shareholders. The deal is expected to close by Q3 2023, pending regulatory approvals.
This partnership aims to enhance FGS Global's growth and innovation in the strategic advisory sector.
Positive
KKR's investment values FGS Global at $1.425 billion, highlighting its strong market position.
FGS Global ranked as the number one global PR firm for deal count and value in 2022, advising on 322 deals worth over $657 billion.
The partnership with KKR is expected to drive continued growth and innovation for FGS Global.
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LONDON--(BUSINESS WIRE)--
WPP (NYSE: WPP) today announces that leading global investment firm KKR has made a growth investment in FGS Global, the strategic advisory and communications consultancy in which WPP is a majority shareholder.
FGS Global has 1,300 experts around the world advising clients in navigating complex situations and reputational challenges. It was created through the combination of leading strategic communications and public affairs firms Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co.
FGS Global is a leading company in financial communications globally and was recently ranked the number one global PR firm for deal count and value by Mergermarket, having advised on 322 deals with a total value of over $657 billion in 2022. Its advisory services span all aspects of strategic communications, including corporate reputation, crisis management and government affairs. It operates from global offices in 27 cities around the world.
Following the investment from KKR, WPP will remain the majority owner of the company, and FGS Global employees will remain substantial shareholders. Golden Gate Capital, the private investment firm which has been a shareholder in FGS Global since 2016, will exit its investment through the sale of its interest to KKR.
The transaction values FGS Global at $1.425 billion. It is expected to close before the end of the third quarter of 2023, subject to regulatory approvals and other customary closing conditions.
The strategic partnership with KKR – one of the world’s leading investment firms – will help to drive the continued growth of FGS Global, the innovation of its service offering and the expansion of its international footprint in the resilient and growing strategic advisory sector. KKR is making the investment in FGS Global primarily through its European Fund VI.
Mark Read, CEO of WPP, said: “FGS Global has established itself as a global leader in strategic advisory and communications, providing board-level counsel to the world’s leading companies and organisations. We are delighted to welcome KKR as a new strategic partner in FGS Global, in a transaction that recognises the tremendous value of the business and its potential for continued strong growth.”
Philipp Freise, Partner at KKR, said: “WPP and FGS Global have built an exceptional communications advisory firm. Stakeholder engagement is a boardroom issue and we are today establishing a powerful strategic partnership between WPP and KKR to support FGS Global as they continue on their path to building an industry-defining global business.”
Alex Geiser, Global CEO of FGS Global, said: “We are thrilled to be joined by KKR as a strategic partner on our journey to create the world leader in strategic advisory and communications. Our mission to help leaders lead in an increasingly complex stakeholder environment is timelier than ever. The fact that a global investor with the great sophistication and experience of KKR has joined WPP in seeing what we see in our people, the work we do for clients and our future is immensely motivating. We are grateful our clients and our employees will be the beneficiaries.”
About WPP
WPP is the creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About FGS Global
FGS is a leading global strategic communications consultancy, with 1,300 experts around the world, advising clients in navigating complex situations and reputational challenges. FGS Global was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and c-suite counsel in all aspects of strategic communications – including corporate reputation, crisis management and government affairs – and is also the leading force in financial communications worldwide.
FGS offers seamless and integrated support with offices in the following locations: Abu Dhabi, Amsterdam, Beijing, Berlin, Boston, Brussels, Chicago, Dubai, Dublin, Düsseldorf, Frankfurt, Hong Kong, Houston, Kingston, London, Los Angeles, Munich, Paris, Riyadh, San Francisco, Shanghai, Singapore, Tokyo, Washington, D.C., West Palm Beach, and Zurich. The headquarters is based in New York.
