Teneo nears deal to buy British PR firm Tulchan

TENEO, the global public relations and consulting firm backed by CVC Capital Partners, is nearing a deal to acquire UK competitor Tulchan Communications, according to people familiar with the matter. 

A deal could be announced as early as Tuesday (Jan 10), the people added, asking not to be identified because the matter is private. Terms of the deal could not be immediately learnt. 

Tulchan, founded by senior partner Andrew Grant in 2000, has about 90 professionals – including about 15 partners – in London and Singapore. The firm provides communications advice to blue-chip companies on strategy and transactions such as mergers and initial public offerings. Big clients include Unilever and Marks & Spencer Group, and deals such as Comcast Corp’s acquisition of Sky.

The deal marks the latest step in consolidation in the public relations (PR) industry as firms seek a global presence. WPP-backed public relations firm Finsbury Glover Hering agreed in 2021 to merge with its US rival Sard Verbinnen & Co, to create one of the world’s biggest corporate communications companies, now known as FGS Global.

Teneo has been acquisitive in the past few years and has done about 15 acquisitions since the firm was founded, including acquiring some restructuring businesses from KPMG last year. 

Last week, the company named Geoff Morrell for a new position at the CEO advisory firm. The former BP and Walt Disney Company executive will be president of global strategy and communications at Teneo.

SEE ALSO

Proxy adviser ISS recommends Sats shareholders approve WFS acquisition

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Teneo is known for consulting with C-suite executives and boards around the world. Private equity firm CVC invested in the company in 2019, buying out BC Partners, a statement showed at the time.

Teneo could not be immediately reached, while a representative for Tulchan declined to comment. BLOOMBERG