Private equity strikes again: Narrative Strategies sells stake

Zoom in: The deal will allow the firm to expand its business and open new offices across the country.

• Narrative was founded in 2019 by former Wall Street Journal reporter Patrick O'Connor and political operatives Ken Spain, Ed Mullen and Katie Mitchell.
• The bipartisan firm has 65 employees who support clients across the Fortune 500, trade associations, nonprofits and law firms.
• Rosemarie Calabro Tully and Andrew Fimka were named partners last year.

What they're saying: "Narrative's best-in-class team and exceptional growth trajectory — especially in the financial services, health care and life sciences sectors — attracted us to the business," said David Ragins, a managing director at Clarion.

The big picture: PE firms, as well New York and London PR behemoths, have been on a shopping spree for public affairs agencies that understand — and influence — the political world.

• KKR acquired a 30% stake in communications consultancy FGS Global, in a deal that valued FGS at $1.425 billion.

• In September, FP1 Strategies, a Republican consulting firm and PLUS Communications, its attached public affairs shop, were acquired by the PR division of Omnicom.
• Last January, Precision Strategies, a Democratic consulting firm with close ties to the White House, sold a minority stake to Abry Partners, based in Boston.

The bottom line: "In today's complex media and political environment, a company's ability to maintain its license to operate requires a more sophisticated approach than it did even two years ago," Spain said.

Go deeper: KKR agrees to buy 30% stake in communications consultancy FGS Global...Bush 43 alumni's Hamilton Place Strategies sells to PE firm...Private equity eyes Subject Matter.