Teneo buys Tulchan in rumoured £70m deal
Public relations and advisory company Teneo is acquiring Tulchan Communications, the financial and corporate specialist, providing its founder Andrew Grant with a multi-million pound payday.
It is thought the deal could be in the region of £70m and that Mr Grant owns about half the company he set up in May 2000.
US firm Teneo, which was briefly linked to former Scottish Conservative leader Ruth Davidson, was acquired by private equity group CVC in a $700m deal in 2019.
The acquisition of a London heavyweight represents a significant statement by the company, adding 70 staff in the UK and Singapore to to its roster.
They will report into Nick Claydon, CEO of Teneo UK, and Lauren Chung, CEO of Teneo Strategy & Communications Asia-Pacific, respectively.
Tulchan has worked on a number of high profile City deals, including Comcast’s $39bn acquisition of Sky in 2018.
It is thought to have been drawn to Teneo’s international presence Tulchan which would fill a gap in its offering.
Mr Grant will take on the newly-created role of chairman of Teneo’s UK strategy and communications business while Lord Andrew Feldman, Tulchan’s managing partner, will become vice chair.
Mr Grant said: “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.”
Tulcan made profits of £12m on £23.4m turnover in the year to the end of March 2022.
Wachtell, Lipton, Rosen & Katz and Freshfields Bruckhaus Deringer served as legal advisers to Teneo on the transaction. Tulchan was advised by Evercore and Macfarlanes. The terms of the deal are not being disclosed.
Ruth Davidson was due to take up a £50,000 a year lobbying role at Tulchan Communications in 2019 involving just 24 days work. But she turned down the offer after facing criticism.
Marketing agency expands
Digital marketing agency Mediaworks is adding 30 jobs as it expands its Edinburgh branch.
The firm opened its operations in Scotland in early 2021 and has introduced media planning and buying services.
Brett Jacobson, chief executive and founder of Mediaworks, said: “I’m thrilled to see how quickly our Edinburgh office has accelerated its growth in the last 18 months.”
The agency currently has 200 staff across its offices in Newcastle, Leeds, Edinburgh, Manchester and London.