Spin City! TPG-backed Morrow Sodali courts power PR firm Domestique

afr.com:

Domestique – the corporate communications firm founded and run by Lauren Thompson, Jim Kelly and Ross Thornton – is in the crosshairs of private equity-backed shareholder engagement and governance advisory firm Morrow Sodali.

It is understood Domestique and Morrow Sodali are working through the final details of a sale agreement and are yet to agree terms. However, both sides were said to be hopeful of signing a deal before the end of August. While a sale price is unclear, Morrow Sodali paid around $50 million for rival firm Citadel-Magnus in November 2022.

Gilbert + Tobin’s Alex Kauye and PwC’s Andrew Bamford were on the scene last year for Morrow Sodali owner, TPG Growth, in terms of legal and accounting advice and would likely be drafted in again, sources said.

Flacks and hacks: PR firm Domestique may sell a stake in itself. Karl Hilzinger

While under-the-radar to the general public, Domestique’s influence across corporate Australia is vast. It is the go-to shop for corporates, private equity and high-net-worth individuals looking for communications advice around mergers and acquisitions, capital raisings and other share price sensitive company news.

And it’s not their first rodeo. Market watchers will recall Kelly and Thornton, who worked in media advisory roles for the NSW government before setting up their own shop, divested their first venture, Third Person Communications, to FTI Consulting (then named Financial Dynamics) in 2007.

Kelly and Thornton are joined by Lauren Thompson – the former managing director for FTI’s strategic communications business – in the firm’s partnership ranks.

Morrow Sodali is a consulting firm that provides strategic advice and shareholder services to more than 850 corporate clients