FGS Global Acquisition, Valuation, Funding & Investors

FGS Global was acquired by KKR for $1.7B in August 2024, a 3.7x multiple on $455M of revenue.

FGS Global acquisition price

$1.7B

Acquired by KKR · Aug 2024

FGS Global revenue at acquisition

$455M

Last twelve months · Aug 2024

FGS Global revenue multiple at acquisition

3.7x

EV/Revenue · Aug 2024

FGS Global EBITDA multiple at acquisition

15.0x

EV/EBITDA · Aug 2024

FGS Global Overview

About FGS Global

FGS Global is a global strategic communications advisory firm formed from the merger of Finsbury, The Glover Park Group, and Hering Schuppener. Headquartered in New York and London, it advises Fortune 500 companies, governments, and institutions on crisis management, corporate reputation, financial communications, and digital strategy.


Founded

1994

HQ

United StatesNew York City, NY

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Services

Revenue

$435M (Oct 2023)

Valuation

$1.4B (Oct 2023)

FGS Global Acquisition

FGS Global was acquired by KKR for $1.7B on 7 August 2024.

The acquisition price implies a 3.7x revenue and 15.0x EBITDA multiple on $455M of revenue.

Before the acquisition FGS Global had raised $62M across 3 funding rounds.

FGS Global is the preeminent global communications and public affairs consultancy, specializing in corporate, crisis, financial communications, risk management, litigation support, and M&A PR, with over 1,300 experts across 27 offices worldwide. Ranked Band 1 for Crisis & Risk Management and Litigation Support by Chambers and Partners, and #1 Global M&A PR firm by deal count and value in 2023 per Mergermarket, it was formed by WPP in 2021 through the merger of Finsbury, The Glover Park Group, Hering Schuppener, and Sard Verbinnen & Co. KKR, a leading global investment firm focused on private equity, initially acquired a minority stake of about 30% in July 2023 from Golden Gate Capital at a $1.4 billion valuation, followed by the acquisition of WPP's full equity position (approximately 50%) in a deal valuing FGS at $1.7 billion, completed in December 2024 for $775 million in cash to WPP via KKR-backed Kite Bidco Inc. The transaction, announced August 7, 2024, and supported by FGS management and its over 500 employee shareholders who retain approximately 26% equity, positions FGS as a standalone partner-led firm under its existing leadership team led by Global CEO Alex Geiser. KKR's strategic rationale emphasizes conviction in FGS's vision to lead as the foremost advisor helping clients navigate the complex stakeholder economy amid rising reputational risks from geopolitics, regulations, and stakeholder management, leveraging KKR's global resources to accelerate growth, talent attraction, and innovation while upholding independence, client confidentiality, and trust. WPP will use proceeds of about £604 million ($764 million) post-tax to reduce debt, with the deal representing an attractive multiple to 2023 EBITDA. The deal reflects surging private equity interest in communications consultancies due to their high cash flow from personnel-light operations and large client portfolios, with transactions doubling to 146 in the past five years per LSEG. It follows WPP rejecting a lower June 2024 bid from KKR, enabling FGS's transition to independence and enhanced scalability in a competitive sector.

FGS Global acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
7 Aug 2024PE buyout$1.7B3.7x15.0x

FGS Global Valuation

FGS Global is currently valued at $1.4B, based on its Series A in October 2023.

FGS Global valuation by funding round

FGS Global valuation by funding round
DateStageValuationRevenue Multiple
Oct 2023Series A$1.4B3.3x

FGS Global Revenue

FGS Global's latest recorded revenue is $435M, as of its Series A in October 2023. At a $1.4B valuation, that implies a 3.3x revenue multiple.

FGS Global revenue by funding round

FGS Global revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2023$435M$1.4B3.3xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

FGS Global Funding History

FGS Global has raised a total of $62M across 3 funding rounds.

FGS Global's first fundraising round was a $52M undisclosed-stage round in January 2021. The most recent completed round was a $7M Series A in October 2023.

FGS Global funding rounds

FGS Global funding rounds
DateStageRaisedValuationDeal Summary
Oct 2023Series A$7M$1.4BFGS Global is the world’s leading stakeholder strategy firm, offering services in crisis management, government affairs, policy advocacy, strategy, reputation, and financial communications. The firm, founded in 1994 and headquartered in New York, helps clients navigate the stakeholder economy. On October 17, 2023, FGS Global raised $6.46 million in an initial filing from an offering of $18.4 million. The company's valuation in April 2023 stood at $1,400 - $1,425 million, the closest available figure to the October 2023 funding date. FGS Global has raised a total of approximately $426.46M to $428.39M across multiple rounds, including later events such as an Acq - Fin for $800M on August 7, 2024, and a Unattributed - II for $1.93M on December 10, 2025. Investors have included KKR.
Aug 2021Seed$4M-FGS Global was formed in 2021 from the merger of Finsbury Glover Hering and Sard Verbinnen & Co., with Golden Gate Capital as a minority investor. KKR first invested in FGS Global in April 2023 following the exit of Golden Gate Capital, at a valuation of $1,400 - $1,425 million. In August 2024, KKR completed an acquisition-financing deal for $800 million valuing the firm at $1.7 billion, increasing its stake to about 74% with WPP divesting its majority share and employees holding 26%. FGS Global reported 2023 revenues of $455 million, ranking ninth globally with 8% year-over-year growth.
Jan 2021Undisclosed stage$52M-FGS Global was formed in 2021 from the merger of Finsbury Glover Hering and Sard Verbinnen & Co., with Golden Gate Capital as a prior minority investor. Subsequent developments include KKR's initial investment in April 2023 at a valuation of $1,400-$1,425 million, followed by a majority stake acquisition in 2024 valuing the firm at $1.7 billion, where KKR increased its equity from 29% to about 74%, with over 500 employees holding 26%. The 2024 deal was an Acq - Fin for $800M. FGS Global reported 2023 revenues of $455 million, ranking as the world's ninth-largest comms firm by revenue with 8% year-over-year growth, 59% of business in the U.S. The company operates in financial and corporate communications, with over 6,000 employees across global offices.

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Acquisitions by FGS Global

FGS Global has acquired 9 companies to date.

Last acquisition by FGS Global was on August 5th 2026. FGS Global acquired Rich Feuer Anderson for undisclosed valuation.


Latest Acquisitions by FGS Global

Rich Feuer Anderson
Memetica
Tarplin, Downs & Young
Longview Communications & Public Affairs
Description
Rich Feuer Anderson is a government relations advisory practice offering bipartisan advocacy and legislative strategy services.
Memetica is a developer of emotional intelligence technologies that surpass conventional AI in understanding and responding to human emotions.
Tarplin, Downs & Young is a strategic consulting firm focused on policy development, government relations, and regulatory advocacy. Washington, D.C.-based, it serves clients in energy, healthcare, and technology sectors by crafting legislative strategies and navigating federal agencies. The firm has contributed to policy frameworks for major infrastructure projects and environmental regulations.
Longview Communications & Public Affairs is a Toronto-based strategic communications agency specializing in financial communications, corporate affairs, and government relations across Canada. The firm advises on mergers, acquisitions, crisis management, and public policy issues for clients in energy, mining, and financial services sectors. With offices in Calgary and Ottawa, Longview supports major transactions and stakeholder engagement for publicly listed companies on the Toronto Stock Exchange.
HQ CountryUnited StatesUnited StatesUnited StatesCanada
HQ City
Washington, DC
-
Washington, DC
Vancouver
Deal Date5 Aug 202620 Jan 202610 Sep 202521 Nov 2023
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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FGS Global Competitors

FGS Global competitors include listed companies like Guangdong Advertising, 4imprint and Zhewen Interactive Group, and private ones like ShopMy, InMyShow and LTK.

Public and private companies comparable to FGS Global
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Guangdong AdvertisingChinaChinaPublicly listed$3.2B$43M$1.7B-
4imprintUnited KingdomUnited KingdomPublicly listed$1.3B$152M$1.7B1.1x
Zhewen Interactive GroupChinaChinaPublicly listed$1.2B$32M$1.6B-
ShopMyUnited StatesBaton Rouge, LAPrivate$80M-$1.5B18.8x
InMyShowChinaBeijingPrivate--$1.5B-
LTKUnited StatesUnited StatesPrivate--$2B-

FGS Global Public Comps

FGS Global is no longer listed, but its public comps include Guangdong Advertising, 4imprint, Zhewen Interactive Group, Hunan TV & Broadcast, Stagwell, Havas, CHEIL Worldwide, Clear Channel Outdoor, Stroeer and Autohome.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Guangdong Advertising$3.2B$43M0.6x-45.7x-
4imprint$1.3B$152M1.1x1.1x10.0x10.9x
Zhewen Interactive Group$1.2B$32M1.4x-55.2x-
Hunan TV & Broadcast$647M$98M2.4x2.8x16.0x14.0x
Stagwell$2.9B$404M1.3x1.2x9.1x7.6x
Havas$3.4B$479M0.7x0.7x5.2x4.5x
CHEIL Worldwide$3.3B$276M0.3x0.3x3.3x3.2x
Clear Channel Outdoor$1.6B$472M4.7x4.4x15.9x13.9x

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Common questions about FGS Global

When was FGS Global founded?FGS Global was founded in 1994.
Where is FGS Global headquartered?FGS Global is headquartered in New York City, NY, United States.
Is FGS Global publicly listed?No, FGS Global was acquired by KKR in August 2024.
Who acquired FGS Global?FGS Global was acquired by KKR in August 2024.
How much was FGS Global acquired for?FGS Global was acquired for $1.7B in August 2024, a 3.7x revenue multiple.
What is FGS Global's valuation?FGS Global was last valued at $1.4B in its Series A in October 2023.
How much funding has FGS Global raised?FGS Global has raised $62M across 3 funding rounds.
What was FGS Global's last funding round?FGS Global's last funding round was a $7M Series A in October 2023.
What is FGS Global's revenue?FGS Global's latest recorded revenue is $435M (October 2023).
What is FGS Global's revenue multiple?FGS Global's latest valuation implies a 3.3x revenue multiple ($1.4B valuation on $435M of revenue).
Which companies are comparable to FGS Global?Companies comparable to FGS Global include Guangdong Advertising, 4imprint, Zhewen Interactive Group, ShopMy, InMyShow and LTK.
How many companies has FGS Global acquired?FGS Global has acquired 9 companies, including Rich Feuer Anderson, Memetica, Tarplin, Downs & Young, Longview Communications & Public Affairs and Sard Verbinnen & Co.

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