Mar 27, 2023
London PR Firm Camarco Bought By International Rival Apco
(Bloomberg) -- City of London public relations firm Camarco has been bought by larger American business Apco Worldwide LLC, the latest deal in a wave of consolidation in the corporate communications industry.
Camarco, whose clients include the New York activist Elliott Management and Bain Capital, was established in 2014 by three former partners from FTI Consulting. The total value of the deal is estimated to be more than £20 million ($24.5 million), according to people familiar with the situation. It is set to be announced Tuesday morning.
Camarco is the latest London PR firm to be bought by a larger rival, after Tulchan was snapped up by CVC-owned Teneo in January for more than £65 million.
Finsbury Glover Hering — which is backed by WPP — bought US rival Sard Verbinnen in October 2021, to become FGS Global. In the same year, rival Brunswick agreed to sell a 10.7% stake to BDT Capital Partners, which valued the firm at about £500 million.
Apco Worldwide, which employs roughly 1,100 people, will use the deal to push into capital markets.
Founded in 2014, Camarco is majority owned by its three founders — Geoffrey Pelham-Lane, Billy Clegg and Ed Gascoigne-Pees — who will receive a windfall as part of the deal. Other staff own the remaining shares, and each will receive a pay-out as part of the deal.
©2023 Bloomberg L.P.