Subject Matter Announces Partnership with Coral Tree Partners

Focus on Expansion of Services

Washington, DC – February 28, 2022 – Leading creative advocacy firm Subject Matter today announced an investment by Coral Tree Partners, a Los Angeles-based private equity firm. The partnership will enable the Company to add new capabilities to better serve client needs while accelerating Subject Matter’s growth. Daily business operations will continue to be overseen by Chief Executive Officer Nicole Cornish and Subject Matter’s founders.

Subject Matter was formed through a 2015 merger that combined strategic communications, creative content and advertising, and government relations under one roof. Managing partners Steve Elmendorf, Paul Frick, Jimmy Ryan, and Dan Sallick saw an opportunity to pioneer a new, fully integrated approach the Company calls creative advocacy. Today, Subject Matter offers a full 360-degree suite of services, driven by a diverse set of communications practitioners and an acclaimed government relations team, supporting a portfolio of corporate, trade association, and nonprofit clients. The Company’s integrated strategy approach has helped drive tremendous growth year-over-year.

“The Coral Tree partnership marks the next chapter in Subject Matter’s story. We’ve proven that the combination of strategic thinking, creative ideas, and coordinated execution is a winning formula. With Coral Tree we have an opportunity to take it to the next level, crafting customized, creative strategies that deliver real time results and align with longer term strategic positioning and objectives,” said managing partner Steve Elmendorf.

“We see real potential for growing the team we’ve assembled,” said managing partner Dan Sallick. “Coral Tree’s support allows us to be very strategic in continuing to define and expand our vision of creative advocacy.”

Will Wynperle, partner at Coral Tree, commented, “Subject Matter serves as a trusted partner for many world-class organizations that seek to effectively communicate strategic initiatives both within the Beltway and more broadly. We see tremendous opportunity to continue building off the Company’s strong reputation and track record as well as its positioning at the center of numerous secular tailwinds. We look forward to leveraging our experience across the marketing and communications landscape and working hand-in-hand with the entire Subject Matter team as we enter the next stage of growth.”

Subject Matter was advised by M&A firm BrightTower while WilmerHale provided legal counsel. Coral Tree was represented by Goodwin Procter.

About Subject Matter

Subject Matter is a creative advocacy agency based in Washington, DC, providing a full suite of services – creative ad campaigns, strategic communications, government relations, event coordination – that empowers clients with the solutions they need to shape stories and succeed.

About Coral Tree Partners

Coral Tree Partners is a Los Angeles-based private investment firm focused on investments in the media, entertainment, marketing services, and communications industries. The Coral Tree team pursues lower middle market companies with strong growth potential, and has experience investing in its target sectors, including agencies and marketing services businesses. Coral Tree seeks to partner with teams where it can use its experience and relationships to provide strategic insight and drive substantial value creation. For more information, visit