Shares of Public Policy Holding Company rose after the company said it acquired Florida government-relations firm The Advocacy Partners in an up-to-$75 million deal.

Shares were recently up about 8.7% to $11.79 in afternoon trading Monday. The stock is down about 19% over the past three months.

The initial consideration was $20.4 million, including about $18.4 million in cash and $2.04 million in new shares issued at closing.

PPHC said the maximum aggregate consideration is $75 million, with up to $54.6 million of additional consideration payable through and after the end of 2030, in cash and equity, based on profit growth between 2026 and 2030.

PPHC, which operates as a strategic communications platform, said the purchase is immediately accretive to earnings.

For 2025, The Advocacy Partners reported unaudited net revenue of $9.5 million and profit before tax of $4.6 million, representing a 48% margin that PPHC said shows the quality of the earnings being added to the company.

Slater Bayliss and Stephen Shiver will continue to lead TAP, which will retain its brand, its full team of professionals, and the operating culture, PPHC said.

The Advocacy Partners advises corporates, trade associations and institutional clients on legislative, regulatory, procurement and executive-branch matters across Florida, PPHC said.