Mark Sweney 

British PR man to get £35m payday as Teneo buys Tulchan

UK financial PR firm acquired by US group in a deal valuing business at more than £70m
  
  

Aerial view of the City of London skyline
Tulchan represents clients in the financial and corporate sectors. Photograph: Victoria Jones/PA

The founder of Tulchan is set for a £35m payday after selling the London-based financial and corporate PR firm to rival global advisory Teneo.

Teneo, the US PR firm acquired by the private equity group CVC in a $700m deal in 2019, is understood to have acquired Tulchan in a deal that values the business at more than £70m.

The exact value of the deal has not been revealed and will be determined depending on the performance of Tulchan over the next four years, the Guardian understands.

Andrew Grant, who founded Tulchan in 2000, is understood to control broadly half of the business, with the remainder split among 14 other partners.

All staff at the company, which employs about 60 people in the UK and 10 in Singapore, will join Teneo with Grant taking the newly created role of chairman of Teneo’s UK strategy and communications business. Lord Andrew Feldman, Tulchan’s managing partner, will become vice-chair.

“For more than 22 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,” said Grant.

Tulcan made profits of £12m on £23.4m turnover in the year to the end of March 2022, according to the most recent filing at Companies House. The previous year profits came in at £8.4m on turnover of £18.4m. Almost 90% of turnover is derived from clients in the UK and Europe.

“We know that our clients are increasingly seeking a broader range of communication expertise, as well as international representation,” said Grant.

It is understood that the figures for Tulchan’s most recent financial year to the end of March 2023, which will be filed later this year, will not top its most recent figures due to the depressed market for significant merger and acquisition activity.

The company has advised on several major deals including Comcast’s 2018 acquisition of Sky, and also represented Unilever during Kraft Heinz’s unsuccessful 2017 takeover bid.

In recent years Teneo lost two of its three founders with Doug Band, who advised former president Bill Clinton before setting up the PR firm in 2011, leaving three years ago.

In 2021, Declan Kelly resigned after allegations of improper behaviour at a fundraising party. He has since launched an advisory firm called Consello Group.

Teneo is now run by Paul Keary, the third founder of the firm, who took over after the departure of Kelly.

“Today marks a significant milestone in the continued growth of Teneo,” said Keary. “Following this transaction, our team will number over 1,600 professionals providing a wide range of integrated consulting services.”

 

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