Global CEO advisory firm Teneo has announced a deal to acquire Tulchan Communications, an independent M&A, financial and corporate communications consultancy based in London, with a decade-long presence in Singapore.
Financial details of the deal are not available, although the FT is reporting a price of more than £65m. PRWeek understands there will be no job losses associated with the acquisition, although Teneo and Tulchan will combine their offices in due course.
Tulchan's senior leaders will join Teneo’s Strategy and Communications team in London and Singapore, reporting to Nick Claydon (CEO of Teneo UK) and Lauren Chung (CEO of Teneo Strategy & Communications Asia-Pacific) respectively.
Following the completion of the deal, Tulchan senior partner Andrew Grant will become chair of Teneo’s UK Strategy and Communications business and Andrew Feldman, Tulchan’s managing partner, will become vice chair. "They will work in partnership with Teneo’s broader integrated team around the world across multiple business segments including Financial Advisory, Management Consulting, Risk Advisory and People Advisory," Teneo said in a statement.
The move marks a notable expansion of Teneo’s UK and Singapore operations, adding a workforce of about 80 in the UK plus a further 10 in Singapore.
Tulchan, founded by Grant in 2000, has been a mainstay of financial comms for several years. In 2017, the consultancy represented Unilever during Kraft Heinz’s high-profile unsuccessful takeover attempt. Tulchan advised Comcast on its $39bn acquisition of Sky in 2018.
Teneo’s international footprint was seen as a big draw for Tulchan. A Tulchan source told PRWeek the absence of an international network was “becoming a long-term strategic problem” for the firm.
The source said the acquisition will “create a truly marketing leading position in London, which will help us compete”. It will also allow Tulchan to offer “a broader range of services to clients”.
Grant and Clayton previously worked together at Brunswick. Tulchan has also represented CVC Capital Partners, Teneo’s majority owner since 2019.
Paul Keary, Teneo CEO, said: “Today marks a significant milestone in the continued growth of Teneo. Andrew and the Tulchan team are deeply experienced and highly respected advisors who will help expand the breadth and depth of our M&A and c-suite advisory in London, Singapore and around the world. Following this transaction, our team will number over 1,600 professionals providing a wide range of integrated consulting services not found at any other advisory firm.”
Claydon said: “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.
“Together we will provide clients with high-quality advice to address their critical financial, societal and political challenges. The acquisition will strengthen our capabilities in London as a full-service advisory firm that meets our clients’ needs. We look forward to welcoming our new colleagues into the firm.”
Grant said: “For more than 22 years, we have worked hard to build Tulchan into an advisory firm that 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.
“In that time the environment in which companies operate has changed beyond recognition, and so has the shape and scale of our industry. We know that our clients are increasingly seeking a broader range of communication expertise, as well as international representation. Combining Tulchan with Teneo’s platform, both in London and internationally, will transform the expertise we can bring to our clients, as well as offer outstanding new opportunities for our colleagues. We are looking forward to joining the Teneo team, working with our new colleagues and continuing to earn the respect and trust of clients now and into the future.”
Tulchan, which had been rumoured to be on the market for some time, will be the latest in a series of acquisitions for Teneo, which in recent years has been picking up parts of the restructuring operations of KPMG and Deloitte. In 2021, Teneo snapped up Societer, the French firm focusing on sustainable leadership.
The group, which bills itself as a c-suite corporate advisory specialist, has also been adding to its senior leadership team recently. Last week, Teneo announced the appointment of Geoff Morrell – formerly of Walt Disney and BP – as president of global strategy and communications, a new role.
The acquisition is set to be the biggest M&A deal in the sector since that of Sard Verbinnen by WPP corporate and financial giant Finsbury Glover Hering in 2021.
This report is based on an earlier article that ran in PRWeek UK.