Teneo acquires financial communications firm Tulchan

International professional services group Teneo has purchased UK financial PR firm Tulchan for a reported £65 million. The deal is the latest move by Teneo to secure lucrative corporate communications advisory work.

Founded in 2011 by Declan Kelly, Paul Keary, and Doug Band, Teneo is a global public relations and advisory company. The company has more than 1,450 employees located in 40 offices. In 2019, Teneo sold a majority stake to CVC Capital Partners, at a total valuation of around $700 million – and has since expanded its footprint across multiple markets.

In 2021, Teneo swooped for Deloitte’s UK restructuring arm, and followed it up by purchasing KPMG’s offshore restructuring arm – which operates across a number of British territories in the Caribbean. Now, Teneo has moved to bolster another aspect of its UK presence – this time in the public relations sector.

With the purchase of UK financial communications company Tulchan, Teneo follows up other deals for boutique PR groups in the UK, including Blue Rubicon and Stockwell, and Deloitte’s British restructuring business. The transaction values Tulchan at more than £65 million, according to sources speaking to The Financial Times, and will see all of the 60 UK staff and 10 Singapore-based workers join Teneo.

Nick Claydon, Teneo’s UK CEO, commented, “In a world of constant and unprecedented disruption, our clients are looking to us for experienced counsel as they navigate complexity. Tulchan brings a highly accomplished team with deep expertise in shareholder and stakeholder communications that will strengthen our financial and political offer, as well as many long-standing client relationships.”

The acquisition both presents Teneo with new revenue opportunities, and chances to build its network. Tulchan reported operating profits of £12.2 million on revenues of £23.4 million, according to its most recent accounts running to March 2022. The firm also has ties with New York-based PR company Joele Frank, which it has traditionally collaborated with on deals involving US clients. 

Andrew Grant, who founded Tulchan in 2000, is understood to control broadly half of the business, with the remainder split among 14 other partners. Following the deal, he will take on a newly created role of Chair for Teneo’s UK strategy and communications business. Meanwhile, Lord Andrew Feldman, Tulchan’s Managing Partner, will become Vice Chair.

Grant remarked, “For more than twenty-two years, we have worked hard to build Tulchan into an advisory firm which both served the needs of our clients and of which we could be proud. I would like to thank all of my colleagues, past and present, and all of the clients, and their advisors, for whom we have acted for their support and confidence.”