Communications consultancy firm Powerscourt has been bought by US-based Morrow Sodali for an undisclosed sum.
Founded in 2004, Powerscourt has a staff of 75 who are based in London and Dublin and who advise over 170 clients, including many listed on the FTSE 100.
It specialises in financial and capital markets communications, corporate campaigning, ESG advisory and political affairs and also advises clients facing reputational challenges and corporate crises.
Its clients include BP, CRH, Halfords, Entain, RightMove, AIB, Airbus, An Post and Autotrader.
Under the terms of the deal, Powerscourt's senior management team - led by founder and CEO Rory Godson and Managing Partner Victoria Palmer-Moore - will remain with the business to help build out the European platform.
Morrow Sodali is majority-owned by TPG Growth, the middle market and growth equity platform of TPG, which is a global alternative asset management firm with $139 billion of assets under management.
The firm works with over 1,000 corporate clients in more than 80 markets worldwide on a range of critical issues including corporate governance and ESG advisory, IPO preparedness, shareholder activism, M&A services and proxy solicitation.
Headquartered in New York, Morrow Sodali employs about 500 people, who work across 14 international offices.
It has made a number of recent complementary acquisitions, including Citadel-MAGNUS, one of Australia's leading corporate communications and investor relations firms, and ESG consulting firms HXE Partners and FrameworkESG.
It said today's deal for Powerscourt will provide a growth platform for Morrow Sodali to build a full-service advisory and shareholder services practice across Europe, with the financial backing of TPG.
Rory Godson, founder and CEO of Powerscourt, said the company was adding new capabilities and new countries, transforming it into a multi-disciplinary advisory firm with global reach.
"The Powerscourt team has proved itself with its core services in its home markets. We will now be able to deliver greater perspective for boards, leadership teams and public figures," Mr Godson said.
"This is a great deal for our colleagues, and the cultural alignment between our two firms is incredibly strong. It allows us to retain what is special about Powerscourt while giving us an exciting opportunity to play a major role in the Morrow Sodali growth story," he added.
Eavan Gannon, Partner and Head of Powerscourt Ireland, said the company is trusted by clients to fulfil critical business needs.
"This deal broadens our services and our reach while deepening our expertise. We look forward to working with Morrow Sodali and our brilliant Irish clients," she added.
Christian Sealey, CEO International, Morrow Sodali, said that corporates are operating in an increasingly complex business environment, with heightened levels of stakeholder scrutiny and reputational challenge.
"The acquisition of Powerscourt is a significant development for Morrow Sodali and is a key part of our global strategy to create a unique, highly differentiated, full-service proposition for our clients," the CEO added.
