Remain campaigner Roland Rudd set to rake in millions
Remain campaigner Roland Rudd set to rake in millions as US private equity stakes in his firm FGS Global come under scrutiny
Remain campaigner Roland Rudd is poised for a tens of millions windfall as US private equity appears to be acquiring a sizeable stake in his financial communications group.
New York-based KKR will take a major stake in FGS Global next week, valuing Rudd’s company at £1.1 billion.
KKR is expected to acquire more than 30 percent of a combination of senior employees at FGS and advertising giant WPP, which owns about 58 percent of the company, according to the Financial Times.
Remain campaigner Roland Rudd is one of the city’s most well-known PR executives
Bosses at FGS will collect a £200 million payment, with Rudd’s stake estimated at tens of millions of pounds.
FGS is a merger of three communications and lobbying firms controlled by WPP, including London-based Finsbury, Frankfurt-based Hering Schuppener, and Washington DC-based Glover Park Group.
Some of his largest clients include EY and SoftBank.
It was supposed to go public next year, but news of the KKR investment is likely to push back plans.
Rudd is one of the city’s most well-known PR executives. As People’s Vote campaign chairman, he called for a second referendum, but later resigned.