Red Flag Global, the strategic communications and public relations group led by former journalist Karl Brophy and Gavin O'Reilly, has been acquired by the Ankura Consulting Group.
Red Flag, which was founded in 2013 and has offices in Dublin, London, Brussels, Cape Town and Washington, DC, will become part of Ankura's global strategic advisory business following the transaction.
Within the global strategic advisory group, Red Flag will operate alongside McLarty Associates, a strategic advisory firm specialising in diplomacy and politics, and Green Point, which is focused on US-China strategy and risk.
Terms of the deal have not been disclosed, but it is believed to be worth around €45m. Red Flag reported revenue of €12m in 2023, up from €11m the year prior, and employed 57 full-time staff.
Red Flag Consulting Ltd had net assets of €6.4m and made profits of €2.3m in 2022, down 11% from €2.7m in 2021. Directors received remuneration of €691,700. Red Flag paid dividends totalling more than €1.3m in 2021 and 2022.
"Red Flag Global prides itself on transforming how our clients strategize, communicate, campaign, and influence," Brophy said in a statement.
"We excel in anticipating 'Red Flag moments' that demand action to seize opportunities and mitigate challenges, and we are hugely excited to join Ankura and leverage our mutual strengths to offer clients unmatched support."
Kevin Lavin, CEO of Ankura, said that "Red Flag's unparalleled expertise in strategic communications, public affairs, and campaign management perfectly complements Ankura's multidisciplinary approach to delivering transformational results for clients where it counts most.
"Their team of experts — drawn from the worlds of business, politics, diplomacy, media, and digital communications — is renowned for executing creative strategies that drive measurable results and significant value for clients."
Fernando Batlle, head of global strategic advisory at Ankura, added: "By combining Red Flag's full spectrum strategic communications and public affairs capabilities with our geopolitical, commercial diplomacy, and operational expertise, we will provide clients a further differentiated approach to transforming market insights into decisions, relationships, and messages that change the game."
Ankura employs more than 2,000 people and has over 3,000 clients in 55 countries.
(Pic: Leah Farrell/Rollingnews.ie)
