Porta Communications snaps up City PR firm Redleaf Polhill

23rd Apr 2014 15:39

AIM-listed Porta Communications has acquired a majority stake in financial PR firm Redleaf Polhill.Porta, which already owns financial flack firm Newgate Communications, bought 51% of the City of London-based Redleaf for £1.8m, with put and call options over the remaining share.The acquisition was expected to be earnings accretive within its first full year, Porta said, with Redleaf becoming part of its public relations division, but continuing to be run as an independent agency by its existing team and retaining its own brand.Redleaf clients include broker Finncap, AIM stocks such as Daisy, First Property and recently-in-the-news Quindell.Porta Chief Executive Officer (CEO) David Wright said: "Redleaf Polhill has an exceptional market reputation and is known for delivering powerful communications and investor campaigns for its clients. It brings with it a very strong leadership team and strength and depth in its employees."Redleaf, which was founded in January 2000 by current CEO Emma Kane, made an operating profit of approximately £0.61m in the year to November 30th.OH