{"id":2473119,"date":"2016-07-13T00:00:00","date_gmt":"2016-07-13T00:00:00","guid":{"rendered":"https:\/\/prgn.cullencommunications.ie\/are-the-new-players-changing-prs-ma-game\/"},"modified":"2022-01-19T06:36:08","modified_gmt":"2022-01-19T06:36:08","slug":"are-the-new-players-changing-prs-ma-game","status":"publish","type":"post","link":"https:\/\/prgn.cullencommunications.ie\/es_es\/pr-tips-trends\/are-the-new-players-changing-prs-ma-game\/","title":{"rendered":"Are \u2018The New Players\u2019 Changing PR\u2019s M&A Game?"},"content":{"rendered":"

By Aarti Shah, <\/a>The Holmes Report<\/a>, New York<\/em><\/strong>
\n(Introduction by David Landis<\/a>, owner of LCI<\/a> in San Francisco).<\/em><\/p>\n

\n

As owners of public relations agencies throughout the globe, one of the biggest discussion topics raised at our twice-yearly Public Relations Global Network conferences is how the world of M&A is changing. Our colleague Aarti Shah wrote this insightful analysis which originally appeared in <\/em>The Holmes Report.<\/em><\/a> This is great food for thought for all agency owners contemplating an exit plan. Feel free to comment below or email Aarti at: <\/em>Aarti@holmesreport.com<\/em><\/a> or me at: <\/em>david@landispr.com<\/em><\/a>.<\/em><\/p>\n

\n

 <\/p>\n

The marketplace for PR mergers and acquisitions is more diversified than ever \u2014 which means new and more flexible ways for deals to be structured.<\/h2>\n

The PR industry is, once again,\u00a0aflutter with acquisitions<\/a>. Shift to National PR,\u00a0W2O<\/a>\u00a0to Mountaingate Capital, Pegasus to UDG Healthcare, Rabin Martin to Omnicom and FoodMinds to\u00a0PadillaCRT<\/a>\u00a0are just a few of the recent sales that we\u2019ve reported on.<\/h3>\n

It\u2019s worth noting the diversity of buyers in these deals: two independent PR agencies, one holding group, one healthcare services company and one private equity firm. This represents the new landscape for PR mergers and acquisitions \u2014\u00a0a highly-diversified field of potential buyers means new and more flexible ways for deals to be structured.<\/p>\n

\u201cWe don\u2019t see conditions possibly getting better than they are right now,\u201d says Greg Smith, managing director at AdMedia Partners \u2014\u00a0the firm that advised on several industry deals, including Olson\u2019s sale to management consultancy ICF International. \u201cIf a firm has the financial profile to consider sale, now is the time. The upcoming [US presidential] election has introduced some uncertainty and there\u2019s a question \u2014 will the music stop?\u201d<\/p>\n

Firms with deep social media and digital capabilities have the most options when it comes to buyers:\u00a0independent PR agencies<\/a>,\u00a0private equity firms<\/a>,\u00a0the holding groups<\/a>,\u00a0talent agencies<\/a>,\u00a0management consultancies<\/a>, retail marketers,\u00a0pharma service providers<\/a>\u00a0\u2014\u00a0in fact, the list of potential buyers for PR\/digital agencies seems nearly inexhaustible these days.<\/p>\n

\u201cThere\u2019s a great chance to get competition with different bidders coming at it with different valuations metrics and deal structures,\u201d Smith adds. \u201cWe\u2019ve seen corporate communications attracting increasing attention from private equity and non-holding company strategics because earned media and social are out of the control of corporate clients \u2014 so PR\u2019s seat at the table has ascended and there\u2019s more interest and value to CMOs.\u201d<\/p>\n

The majority of PR\u00a0acquisitions<\/a>\u00a0in 2015 were driven by independent firms, per our own analysis. Of the 61 industry acquisitions we covered in 2015, 35 (57%) were by independent PR firms. While profitability ultimately reigns supreme when it comes to deals, independents have tinkered with the acquisition formula established by the larger holding groups. At the most basic level, this typically involves a 25% to 35% down payment, followed by a 3-5 year earnout that\u2019s typically four to six times EBITDA (earnings before interest, taxes, depreciation and amortization) \u2014\u00a0but of course, the multiplier can be higher or lower depending on various factors.<\/p>\n

One independent PR agency head told us that when holding groups come to him with a buyout formula, rather than being viewed as an agency with a distinctive culture and service offerings, he feels he\u2019s being looked at as \u201ca set of numbers.\u201d<\/p>\n

M&A advisor Rick Gould, who consulted on\u00a0Shift\u2019s recent sale to National PR<\/a>\u00a0and\u00a0Horn\u2019s sale to Finn Partners<\/a>, says some independents don\u2019t put as much profitability pressure on the selling firm and are more likely to incentivize top-line growth during the earnout than a holding group.<\/p>\n

\u201cSome buyers prefer a top-line model that\u2019s based on net revenues because they want to say to the seller \u2018Go out there and bring in business \u2014\u00a0and let us worry about the bottom line,\u2019 \u201d Gould says. For instance, if the seller is doing 20% profitability, the expectation is they\u2019ll keep doing that while also growing the top-line.<\/p>\n

Art Stevens managing partner of the Stevens Group (and a former partner of Gould\u2019s until they parted ways several years ago) \u2014 takes this thinking even further and says independent PR agency buyers shouldn\u2019t overlook acquisition targets simply because their profitability isn\u2019t up to the industry standard.<\/p>\n

\u201cSome very good firms aren\u2019t that profitable \u2014 they have good clients and good staff but without that 15% margin,\u201d Stevens says. \u201cDo you abandon even considering a firm with great clients and talent?\u201d<\/p>\n

Stevens maintains the profitability objective can be accomplished via efficiencies in combining the two firms: consolidated backend functions, shared office space and eliminating redundant positions. And because some agency owners dislike managing profitability, he says, the top-line model makes it more likely the sellers will stick around beyond the earnout.<\/p>\n

\u201cMore and more buyers want sellers that are looking for entrant strategy rather than an exit,\u201d Stevens says. \u201cThey don\u2019t want owners who walk away after the earnout. They want a partner who can help them generate business.\u201d<\/p>\n

We also consulted with Davis & Gilbert, a law firm with expertise in agency M&A, and were told that there\u2019s really no one-size. And yes, the independents tend to put more emphasis on revenue growth, but ultimately that new business needs to be profitable.<\/p>\n

But it also depends on the size of the firm that\u2019s being bought. For instance, when buying $10m+ firms bringing in profitable business is central to the earnout, meanwhile firms larger than $25m should have owners savvy enough to manage profitability, so the buyers aren\u2019t looking to micromanage that. It\u2019s typically the firms under $5m where the owners are looking to step away from managing their P&Ls that the buyers are most likely to incentivize primarily around the top-line.<\/p>\n

 <\/p>\n

Changing What Integration Means<\/h2>\n

Edelman, the world\u2019s largest PR agency, is likely the most watched independent, acquiring PR agencies. Like the holding companies, Edelman tends to expect the agencies it buys to operate somewhat independently (at least early on) rather than being fully digested into its own operations. Last year, Edelman\u00a0<\/a>bought\u00a0Germany\u2019s ergo Kommunikation<\/a>,\u00a0Dubai\u2019s Dabo & Co<\/a>,\u00a0Colombia\u2019s Position<\/a>.<\/p>\n

Meanwhile, Peter Finn, founding partner of\u00a0Finn Partners<\/a>,\u00a0bought several firms<\/a>\u00a0in the last few years \u2014\u00a0most recently\u00a0the Horn Group<\/a>. He tends to eschew firms where the owners are looking for a \u201cquick exit\u201d and instead seeks out \u201cpeople who want to keep running their firms but like what Finn Partners can offer them in doing that.\u201d<\/p>\n

Finn\u2019s targets tend to be under $10m and he suspects most independents are looking at that range. \u201cIntegration is easier,\u201d he says. \u201cI don\u2019t want to create silos within partners, I\u2019m looking for people who want to be part of one team.\u201d<\/p>\n

That\u2019s the sticking point \u2014 earnouts. The way earnouts are structured, they typically don\u2019t reward collaboration. But Finn says as an independent, he makes it a point to structure deals so that sellers are incentivized for contributing to any part of the agency.<\/p>\n

\u201cEvery individual running any sort of business has to worry about the bottomline \u2014\u00a0but if I bring them into Finn Partners and their clients want to use some of our offices and I don\u2019t include that revenue in the deal, then why should they do it?\u201d Finn says. \u201cI want to motivate people joining us to sell all of our service areas, our expertise, our geographic reach.\u201d<\/p>\n

Likewise, in January\u00a0two executives deflected<\/a>\u00a0from PMK*BNC to start Kovert Creative with majority investment from talent conglomerate WME-IMG. This group\u00a0also bought<\/a> Catalyst<\/a>\u00a0in 2013.<\/p>\n

\u201cEvery deal is different but we\u2019re seeing that companies want to be part of culture and leverage that,\u201d says Ed Horne, WME-IMG\u2019s head of strategy and activation. \u201cWe take a collaborative approach and create an environment where people are incentivized to contribute to the overall company.\u201d<\/p>\n

When agencies are sold via auctions, the buyer typically pays cash so there\u2019s no earnout involved. When consulting and technology services company ICF International\u00a0bought Olson<\/a>\u00a0for $295m in 2014, the transaction was in cash. ICF CEO Sudhakar Kesavan says this ultimately made Olson\u2019s integration easier.<\/p>\n

\u201cEarnouts don\u2019t incentive integration,\u201d Kesavan says. \u201cYou\u2019re saying you\u2019re not sure about the acquisition so you put the risk on the owner of the business. In nearly all of the acquisitions we\u2019ve done, we\u2019ve bought the firm outright because we did our due diligence.\u201d<\/p>\n

Of course, it\u2019s not to say the management isn\u2019t financially incentivized at all. That\u2019s done through stocks (ICF is a publicly-traded company) which Kesavan says has gone up 30% since the Olson acquisition. Another key difference from the holding group model is what integration ultimately means.<\/p>\n

\u201cWe don\u2019t have another agency competing against Olson \u2014\u00a0they are complementary not competitive with the rest of our offerings,\u201d says Kesavan. ICF now houses management consulting, technology platforms and implementation, public affairs and digital marketing within its group.<\/p>\n

So what is integration like without an earnout?\u00a0Not that different in many ways. After the financials were integrated, \u201cwe didn\u2019t change how Olson functioned or worked. We appointed a few people to do triage on the opportunities coming in and determine whether we should make it a joint effort.\u201d For instance, ICF works with a West Coast-based utility that recently faced a major crisis and Olson was brought in to setup social media centers for the client.<\/p>\n

\u201cIt was a humongous opportunity that came from integration,\u201d he says. \u201cWe don\u2019t want to transform Olson\u2019s culture and make it like ours. We want them because they are unique and different.\u201d<\/p>\n

The risks for an earnout are well-known in an industry where plenty of acquisitions have ultimately failed. Art Stevens outlined some of these in a blog post \u201cDebating the Future of Earnouts<\/a>.\u201d He writes:<\/p>\n

[blockquote3]The problem with traditional earnouts is that they\u2019re all about making high profits for both the buyer and the seller, and less about the quality of service. If a seller wants to maximize profits during the three or so years of an earnout, then he or she is incentivized to cut costs and staff \u2014 often at the seller\u2019s peril.[\/blockquote3]<\/strong><\/p>\n

The seller might also \u201ccome to the painful conclusion that the chemistry and synergies expected aren’t there and earn-outs aren’t achieved as a result,\u201d Stevens says. \u201cThe seller’s business may erode somewhat because of various economic factors and the earn-out would be less…A buyer is chosen because that buyer should help increase these numbers as part of the synergies shared. But beware the buyer that hasn’t a clue as to how to help its acquisitions grow.\u201d<\/p>\n

Even so, nearly all deals where the buyer is another agency \u2014 independent or not \u2014 there\u2019s an earnout because when it comes to professional services, it\u2019s considered the most effective way to ensure the seller has skin in the game, so to speak.<\/p>\n

 <\/p>\n

The Private Equity Option<\/h2>\n

There\u2019s a somewhat new player emerging on the M&A front \u2014 private equity. W2O Group recently \u00a0took investment from a private equity firm<\/a>, meanwhile, the $150m financial PR powerhouse Sard Verbinnen\u00a0is in talks to sell a 40% stake<\/a>\u00a0to its private equity client Golden Gate Capital. Also, last year,\u00a0WPP joined forces with US-based Providence Equity Partners<\/a>\u00a0to buy Chime Communications \u2014\u00a0parent company of public relations firm Good Relations as well as advertising and sporting marketing agencies \u2014\u00a0for \u00a3374m.<\/p>\n

\u201cI didn\u2019t want to stop taking risks because we needed more cash flow,\u201d says W2O CEO Jim Weiss. \u201cAnd my wife and I couldn\u2019t keep funding the business.\u201d<\/p>\n

AdMedia\u2019s Smith says in most cases private equity offers owners a one-year earnout but it\u2019s the rollover equity that keeps the principals around until the next financial transaction. He says it was private equity investment from KRG Capital that made it possible for Olson to acquire firms Dig Communications and PulsePoint \u2014 two buys that ultimately made Olson an attractive acquisition target for ICF.<\/p>\n

\u201cIf we\u2019re selling a good-sized independent, we\u2019ll go to private equity,\u201d AdMedia\u2019s Smith says. \u201cIt\u2019s a different conceptual choice than selling to WPP or Omnicom, it allows for more control and they provide board-level counsel to find attractive acquisition targets.\u201d<\/p>\n

For Weiss, the upside was \u201cthey aren\u2019t trying to run your business. [Our investors Mountaingate Capital] get our business, they believe in our business. They want to build something.\u201d<\/p>\n

Another upside, says M&A advisor Gould, is private equity tends to offer a 40% to 50% downpayment on the current valuation of the firm. \u201cBut they want lots of financial information that sellers aren\u2019t accustomed to providing,\u201d he says. \u201cThey are in it for their ROI and have high expectations.\u201d<\/p>\n

But ultimately the unconventional buyers are giving today\u2019s PR firms other selling options that will change \u2014 not only the way PR firms are bought \u2013 but how they ultimately operate. An industry where PR firms are part of, not just strategic holding companies, but management consultancies, talent agencies, technology companies and beyond, has dramatic implications for PR\u2019s role as a marketing discipline.<\/p>\n

\u201cIt means we\u2019re not following the typical agency playbook,\u201d adds Weiss.<\/p>\n

\n

 <\/p>\n

Comments? Please leave a comment below or email <\/em>Aarti@holmesreport.com<\/em><\/a> or <\/em>david@landispr.com<\/em><\/a>. David Landis is President\/CEO of San Francisco-based <\/em>Landis Communications Inc.<\/em><\/a><\/p>\n

\n

 <\/p>\n

More information<\/strong><\/h3>\n

Official Website: The Holmes Report | PR News & Public Relations Events<\/a>
\nAuthor page: Aarti Shah | Holmes Report<\/p>\n

\n

 <\/p>\n

About Public Relations Global Network<\/strong><\/h3>\n

Clients across six continents depend on the combined resources of the Public Relations Global Network (PRGN) to deliver targeted public relations campaigns in markets around the world.\u00a0With revenues of more than $110 million (U.S.D.), PRGN is one of the world\u2019s largest international public relations networks.\u00a0PRGN harnesses the resources of approx. 50 independent public relations firms and more than 900 communications professionals to connect international companies and organizations with individual and culturally diverse markets globally.\u00a0Visit PRGN online at prgn.com<\/a> or on twitter @PRGN<\/a>.<\/p>\n

 <\/p>\n

About the Holmes Report<\/strong><\/h3>\n

The Holmes Group is dedicated to proving and improving the value of public relations, by providing insight, knowledge and recognition to public relations professionals.<\/p>\n

The Holmes Group was founded in 2000 by Paul Holmes, publisher and CEO, who has more than two decades of experience writing about and evaluating the public relations business and consulting with both public relations firms and their clients.<\/p>\n

The Holmes Group delivers against its mission by providing the most sophisticated reporting and analysis on public relations trends and issues.<\/p>\n","protected":false},"excerpt":{"rendered":"

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