TENEO IS ACQUIRING TWO MORE INTERNATIONAL FIRMS IN M&A PUSH

(Bloomberg) -- Communications and consulting firm Teneo has struck deals for acquisitions in the Nordic region and New Zealand, its first M&A push after an investment from a Liechtenstein-backed fund last year. 

The firm is acquiring Clarity Partners, a 30-person boutique M&A and strategy firm with a footprint in the Nordics, it said in a statement. As part of the deal, Teneo will open an office in Copenhagen.

Clarity’s management team, led by managing partner Asbjørn Kastaniegaard, will stay in place and join Teneo’s management consulting business.

A consultancy focused on a small- and mid-cap M&A and growth strategy, Clarity was set up in 2024 by four former Boston Consulting Group and Bain & Co. consultants: Kastaniegaard, Thomas Klemm Lerstrøm, Anders Gottlieb Thomsen and Martin Bak-Nielsen.

“Europe represents an important and growing market for Teneo’s global clients, and we are committed to continue growing our team across the continent,” said Paul Keary, Teneo’s chief executive officer.

Teneo is also acquiring PricewaterhouseCoopers’ business restructuring services unit in New Zealand, in a deal that should close by the end of February. The New Zealand acquisition, which has 25 professionals, comes on the heels of Teneo buying the PricewaterhouseCoopers business restructuring services unit in Australia last summer. 

Teneo will open offices in Auckland, Wellington and Christchurch as part of the transaction. 

Teneo generated $750 million in revenue last year and is aiming to generate $1 billion in a couple of years, Keary said in an interview. Acquisitions will help Teneo reach those revenue goals, he said. 

More than half of Teneo’s revenue comes from clients who use services from more than one business segment or geographic region, he added. 

Teneo was valued at $2.3 billion last year after securing funding from LGT Capital Partners, which is owned by the Princely Family of Liechtenstein. CVC Capital Partners is still Teneo’s majority shareholder.

In communications, Teneo competes with firms such as Brunswick Group, which brought in dealmaker Byron Trott’s BDT Capital Partners as a shareholder in 2021, and KKR & Co.-backed FGS Global. Rivals to its advisory operations include FTI Consulting Inc. and AlixPartners.

--With assistance from Sara Sjolin.

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2026-01-12T21:32:00Z