Diana Marszalek 03 Mar 2021 // 7:47AM GMT
NEW YORK — Teneo is expanding its presence on both sides of the Atlantic through a new partnership in the US and a UK acquisition.
This week, Teneo announced a new partnership with WestExec Advisors, a Washington advisory firm that offers business leaders expertise in geopolitical risk and policy.
Under the deal, Teneo is investing in WestExec to accelerate the firm's growth; Teneo will be a ‘significant minority’ shareholder as a result.
WestExec will continue to operate under the watch of its three founders and managing partners — Michèle Flournoy, Sergio Aguirre and Nitin Chadda. Teneo and WestExec will collaborate to offer clients a broader array of services and expertise.
News of the partnership comes two weeks after Teneo announced its acquisition of Deloitte UK’s restructuring services business, which includes more than 250 people and 27 partners.
The acquisition, which is subject to regulatory approval, will add expertise in distressed restructuring and insolvency to Teneo’s existing capabilities including management consulting, risk, strategic communications, public affairs and investor relations.
The purchase would bring Teneo’s total headcount to more than 1,100 employees. Daniel Butters, who heads the Deloitte business, will become head of restructuring for Teneo.
Once the deal is closed, Teneo’s UK team will increase to more than 600 in multiple advisory disciplines. The restructuring team will operate from a network of London and regional offices, reflecting its existing national footprint.
The moves further the continued expansion of Teneo, which has grown rapidly over the past decade to over 800 employees in more than 20 locations, thanks to its focus on CEO advisory for such clients as Coca-Cola, UBS and Dow Chemical, and supported by a string of acquisitions across the globe.
In December, Doug Band, who co-founded Teneo with Declan Kelly and Paul Keary in 2011, departed the firm to pursue other interests.