Remain campaigner Roland Rudd set to rake in millions as US private equity eyes stake in his firm FGS Global
Remain campaigner Roland Rudd is set for a windfall worth tens of millions as US private equity looks to snap up a hefty stake in his financial communications group.
New York-based KKR is set to take a major holding in FGS Global as soon as next week, valuing Rudd’s firm at £1.1billion.
KKR is expected to acquire more than 30 per cent from a combination of senior employees at FGS as well as advertising titan WPP, which owns around 58 per cent of the company, according to the Financial Times.
Remain campaigner Roland Rudd is one of the City’s best known PR executives
Bosses at FGS will collect a payment of £200million, with Rudd’s stake understood to be valued at tens of millions of pounds.
FGS is made up of a merger of three communications and lobbying companies controlled by WPP, including London-based Finsbury, Frankfurt’s Hering Schuppener and Washington DC-based Glover Park Group.
Some of its biggest clients include EY and SoftBank.
It had been aiming to float on the stock market next year, but news of the KKR investment is likely to push plans back.
Rudd is one of the City’s best known PR executives. As People’s Vote campaign chairman, he called for a second referendum, but later resigned.