Prosper a Key Advisor in Lucas Public Affairs Acquisition by Public Policy Holding Company

The Prosper Group team was pleased to advise its longtime client Lucas Public Affairs regarding its acquisition by Public Policy Holding Company.

Sacramento-based Lucas Public Affairs (LPA) announced it is joining Public Policy Holding Company (PPHC) as an operating company effective immediately in a transaction worth up to $22M.  Prosper Group was pleased to play a key advisory role to LPA Chief Executive Officer and Founder Donna Lucas and President Cassandra Pye in this transaction.

Prosper Group's work with LPA has spanned several years and culminates in this transaction that meets the personal, financial, and business goals of the agency's ownership and leadership team.

Prosper Group is proud of our work with LPA ownership as it is a case study in how we work with agency ownership to ensure their goals are met during the evolution of the agency.  Our work with LPA spanned seven plus years and included ongoing counsel on operating issues, enhancing pricing models, developing financial productivity metrics for each client service role, support for and strengthening the senior team, developing a strategic growth plan, and finally, finding the right strategic partner to help LPA navigate the future.

"Alex Halbur and the Prosper Group have been trusted advisors to me, and LPA , throughout the growth of our agency," says Lucas.  "Our work together culminated around his invaluable guidance during this PPHC acquisition.  We look forward to continuing to work with Alex and his team in the coming years."  

LPA's goals in finding an acquirer were two-fold. Find a buyer that would protect the agency's brand and preserve its culture. And additionally, provide the "second generation" of LPA leadership with career advancement opportunity and eventually  take on more responsibility for success of the agency.      

Said Alex Halbur, Founder and Managing Partner of Prosper Group,  "We have worked closely with Donna and her team for several years, which made this acquisition so personal for us.  We are gratified to have played a role in helping Donna maximize the value of her life's work and ensure the ongoing value of the agency that she founded."  

PPHC’s acquisition of LPA is worth up to $22 million with an initial $7.5 million payment composed of $6M in cash and $1.5M in stock issued to LPA owners. According to Alex Halbur, Managing Partner of Prosper Group, PPHC was the perfect strategic partner for LPA. "PPHC is majority employee owned, allows each operating agency to maintain its brand and culture, as well as allowing operating agencies wide latitude in decision making in all aspects of its operations.  In addition, PPHC has the data/research, digital and creative capabilities that LPA defined as key attributes of the right strategic partner," said Halbur.    

Donna Lucas and LPA president Cassandra Pye will continue to lead the agency for the next five years. Lucas, who launched the company in 2006, said LPA will continue to focus on corporate communications, high-level reputation and issues management, and state-based campaigning. Senior vice-presidents, Jessyca Sheehan and Travis Taylor, who lead many of the firm’s largest accounts, will continue to expand their responsibilities as well. 

Stewart Hall, PPHC CEO, said LPA’s 28 staffers are stellar additions to his firm’s growing family of operating brands. “Donna and Cassandra are both well known for their expertise, their reputations, and for the stellar team they’ve built. We are lucky to have them join us at this exciting time for our industry.”

Among the immediate benefits to LPA clients through this partnership with PPHC is access to the expertise of other members of the PPHC family of prestigious firms in Washington, D.C., other state capitals and in Europe. This includes people, processes, and capabilities, such as enhanced research, analytics, digital and media management expertise. 

About Prosper Group

Prosper Group is a consultancy comprised of former owners and senior executives of public relations and public affairs agencies.  All have successfully exited their agencies, and they now use that experience to help current founders and owners achieve their business goals and maximize the value of their life's work. The group taps into their deep experience to implement their proven proprietary methodologies across agency performance, owner exit planning, and M&A transactions – all in order to drive both the owner's and the agency's success. To learn more about us, please visit us at prospergroup.net.