London public relations agency Powerscourt is reportedly teetering on the edge of a sale to a US advisory firm in a deal which could be worth tens of millions.
Powerscourt, which reps big name clients such as fashion retailer All Saints and gambling giant Entain, is set to bought by the US-based stakeholder advisory firm Morrow Sodali, according to a report by Sky News.
Founded in 2004 by former Sunday Times journalist Rory Godson, Powerscourt is now potentially worth up to £50m one source told Sky.
Mark Kleinman’s City sources said Morrow Sodali, backed by the private equity giant TPG, was expected to reveal the deal this week.
Powerscourt, Rory Godson and Morrow Sodali did not immediately respond to City A.M.‘s request for comment.
It is the latest domino to fall in a line of prominent PR firms selling up to foreign buyers.
In April, Finsbury sold a minority stake to American private equity company KKR, while Tulchan was sold to New York-headquartered Teneo for about £35m.
Bahrain-headquartered Investcorp also took a majority stake in SEC Newgate for around $100m (£78.7m) in July, valuing the PR outfit at $250m (£196.8m).