LONDON (ShareCast) - (Sharecast News) - US private equity firm KKR has agreed to invest in financial PR firm FGS Global, in which advertising giant WPP is a majority shareholder.

KKR is buying the interest from private equity firm Golden Gate Capital, which has been a shareholder in FGS Global since 2016.

Following the investment, which values the group at around $1.4bn, WPP will remain the majority owner of the company, and FGS Global employees will remain substantial shareholders.

FGS is a global strategic communications consultancy, with 1,300 experts around the world. FGS Global was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and c-suite counsel in all aspects of strategic communications - including corporate reputation, crisis management, and government affairs.

Philipp Freise, partner and co-head of European Private Equity at KKR, said: "Our investment in FGS is the latest example of our focus on proprietary, strategic partnership investments where we are providing long-term capital and a global network of resources to an entrepreneurial management team and alongside a world-class business.

"We firmly believe that Alex Geiser, Carter Eskew, Roland Rudd, George Sard and their talented global team are pioneering the next generation of value-add strategic communications services. Stakeholder engagement is a boardroom issue and we are confident that FGS, with whom we have enjoyed a long-term relationship, is well positioned to capitalise on significant growth opportunities ahead as a global category leader in the growing management consulting service industry."

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