Global advisory firm Teneo is expanding its international consulting capabilities with a deal to buy the Restructuring Services business of Deloitte UK.
The Restructuring Services business of Deloitte UK comprises more than 250 people, including 27 partners, and is Teneo's biggest acquisition to date.
Teneo said the addition of the business will increase its specialist expertise in distressed restructuring and insolvency to its existing advisory capabilities in management consulting, risk, strategic communications, public affairs, investor relations, capital advice, talent and executive search.
Teneo said the new business is one of the most comprehensive offerings of any distressed restructuring business in the UK and Europe.
It will continue to focus on identifying the causes of underperformance, working collaboratively with key stakeholders to develop the best strategy for recovery and support implementation of the optimal solution for distressed companies.
Today's deal is subject to regulatory approval.
Daniel Butters, Head of Deloitte's UK Restructuring Services business, will become Head of Restructuring for Teneo, a new business segment that will provide a range of services to help clients navigate periods of financial and operational underperformance or stress.
Declan Kelly, Chairman and CEO of Teneo, said the combination of the UK's best distressed restructuring specialists with Teneo's existing advisory expertise will reinforce and extend its position as the world's leading CEO advisory firm.
"Teneo intends to use this acquisition to build a global restructuring practice leveraging our existing capabilities in the US as well as through further M&A and organic growth," Mr Kelly added.
Following completion of the purchase, Teneo's presence in the UK will increase to more than 600 staff in multiple advisory disciplines serving many of the UK's biggest companies and institutions.
The Teneo Restructuring team will operate from a network of London and regional offices, reflecting its existing national footprint.
Teneo's total headcount will increase to more than 1,100 employees as a result of today's deal, the company added.
Financial details of the deal were not disclosed.
