- Companies
- FGS Global
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 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
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
Website
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Services
Revenue
$435M (Oct 2023)
Valuation
$1.4B (Apr 2023)
Sectors
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 4 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.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 7 Aug 2024 | PE buyout | $1.7B | 3.7x | 15.0x |
FGS Global Valuation
FGS Global is currently valued at $1.4B, based on its undisclosed-stage round in April 2023. Read the announcement ↗
The round included KKR.
FGS Global valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2023 | Undisclosed stage | $1.4B |
FGS Global Revenue
FGS Global's latest recorded revenue is $435M, as of its undisclosed-stage round in October 2023.
FGS Global revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Oct 2023 | $435M | Undisclosed stage |
* 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 4 funding rounds.
FGS Global's first fundraising round was a $52M undisclosed-stage round in January 2021. The most recent completed round was a $6M undisclosed-stage round in October 2023.
FGS Global funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2023 | Undisclosed stage | - | $6M | - | FGS Global disclosed an equity offering in a Form D filed with the US Securities and Exchange Commission on October 17, 2023. The filing reported $6,457,856 of securities sold against a total offering of $18,442,252, leaving $11,984,396 available for subscription. The first sale occurred on October 3, 2023, and two investors had participated by the filing date. Their identities were not disclosed, and the notice did not identify the financing as a Series A round or provide a company valuation. The offering relied on the Rule 506(b) exemption and was not being made in connection with a merger, acquisition or exchange offer. FGS reported no non-accredited investors, sales commissions or finder fees. The issuer was a Delaware corporation formed in 2021, previously named FGH SVC Holdco, with its principal office in New York. The disclosed amount sold represents this specific offering and does not incorporate the value of earlier shareholder transactions. |
| Apr 2023 | Undisclosed stage | KKR | - | $1.4B | KKR agreed to make a minority growth investment in FGS Global in April 2023 at a valuation of $1.425 billion. WPP was to remain the majority owner, while FGS employees would continue to hold a substantial ownership interest. Golden Gate Capital, which had invested in a predecessor business in 2016, agreed to exit through the sale of its stake to KKR. The investment was made primarily through KKR’s European Fund VI and was intended to support the consultancy’s growth, development of its services and international expansion. FGS also planned to extend employee ownership to nearly half its worldwide staff. The company provided strategic advisory and communications services through approximately 1,300 professionals in 27 cities at announcement. Completion was initially expected before the end of the third quarter of 2023, subject to approvals and customary conditions. FGS subsequently identified July 2023 as the completion of KKR’s initial minority investment. |
| Aug 2021 | Seed | - | $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 2021 | Undisclosed 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. |
Who has invested in FGS Global?
1 investor has backed FGS Global across its funding rounds, including KKR.
FGS Global Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 FGS Global investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by FGS Global
FGS Global has acquired 12 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
| 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. | Edmonds Elder is a London-based digital and creative communications consultancy that designs and executes integrated campaigns for businesses and organizations. Its services combine audience research, digital strategy, content development and targeted communications intended to influence reputation and stakeholder behavior. Tom Edmonds and Craig Elder founded the company in 2015 after developing experience in British political communications and campaigning. The consultancy subsequently worked for corporate clients including Centrica, Deliveroo, Santander, PepsiCo and Sky. It generates revenue from advisory, creative production and campaign execution services rather than operating an advertising-funded consumer platform. FGS Global acquired the business in August 2025 to add digital audience engagement and creative campaigning capabilities to its international communications network. | |
| HQ Country | |||||
| HQ City | Washington, DC | - | Washington, DC | London | |
| Deal Date | 5 Aug 2026 | 20 Jan 2026 | 10 Sep 2025 | 4 Aug 2025 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all FGS Global acquisitions and their M&A valuation multiples. Start Free Trial | |||||
FGS Global Competitors
FGS Global competitors include listed companies like Guangdong Advertising, Zhewen Interactive Group and 4imprint, and private ones like ShopMy, Simpli.fi and InMyShow.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.2B | $43M | $1.7B | - | ||
| Publicly listed | $1.3B | $33M | $1.7B | - | ||
| Publicly listed | $1.3B | $152M | $1.6B | 1.1x | ||
| Private | $80M | - | $1.5B | 18.8x | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - |
FGS Global Public Comps
FGS Global is no longer listed, but its public comps include Guangdong Advertising, Zhewen Interactive Group, 4imprint, CHEIL Worldwide, Havas, Hunan TV & Broadcast, Plan B Media, Stroeer, Autohome and Entravision.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.2B | $43M | 0.6x | - | 47.1x | - | |||
| $1.3B | $33M | 1.6x | - | 61.2x | - | |||
| $1.3B | $152M | 1.1x | 1.1x | 9.9x | 11.1x | |||
| $3.4B | $281M | 0.3x | 0.3x | 3.9x | 4.0x | |||
| $3.3B | $467M | 0.7x | 0.7x | 5.1x | 4.4x | |||
| $651M | $99M | 2.5x | 2.8x | 16.3x | 14.3x | |||
| $284M | $65M | 4.4x | 4.2x | 19.3x | 9.3x | |||
| $2.3B | $676M | 1.4x | 1.3x | 4.8x | 4.5x | |||
This data is available for Pro users. Sign up to see all FGS Global competitors and their valuation data. Start Free Trial | ||||||||
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 undisclosed-stage round in April 2023. |
| How much funding has FGS Global raised? | FGS Global has raised $62M across 4 funding rounds. |
| What was FGS Global's last funding round? | FGS Global's last funding round was a $6M undisclosed-stage round in October 2023. |
| Who are FGS Global's investors? | FGS Global's investors include KKR. |
| What is FGS Global's revenue? | FGS Global's latest recorded revenue is $435M (October 2023). |
| Which companies are comparable to FGS Global? | Companies comparable to FGS Global include Guangdong Advertising, Zhewen Interactive Group, 4imprint, ShopMy, Simpli.fi and InMyShow. |
| How many companies has FGS Global acquired? | FGS Global has acquired 12 companies, including Rich Feuer Anderson, Memetica, Tarplin, Downs & Young, Edmonds Elder and Hague Corporate Affairs. |
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