Global advisory firm Teneo has announced a significant move to establish a presence in New Zealand, agreeing to acquire the business restructuring services (BRS) unit of PwC New Zealand. This strategic acquisition marks a key step in Teneo's ongoing expansion across the Asia-Pacific region.
Deal Details and Strategic Expansion
The transaction, which is pending standard closing conditions, is slated for completion by the end of February 2026. As part of the agreement, 22 members of PwC New Zealand's BRS team will transition to Teneo. This move closely mirrors the firm's previous acquisition of PwC Australia's business restructuring services unit, a deal that was unveiled in July of this year.
Paul Keary, the Chief Executive Officer of Teneo, emphasised the firm's commitment to the region. "We are deeply committed to continuing to invest in the Asia-Pacific region, providing a wide range of reputational, strategic and financial advisory services," he stated. Keary also expressed enthusiasm about welcoming the new colleagues from PwC New Zealand to the Teneo team.
Private Equity Backing and European Growth
Teneo is majority-owned by the private equity giant CVC Capital Partners, which first invested in the advisory firm in 2019 and remains its largest shareholder. LGT Capital Partners has held a minority stake since 2025. This financial backing supports Teneo's aggressive growth strategy.
Concurrently, Teneo is bolstering its European operations. The firm recently made a strategic majority investment in Clarity Partners, a boutique M&A and strategy consulting firm with a strong foothold in the Nordic countries. This investment will see Teneo formally open a new office in Copenhagen, Denmark.
"Europe represents an important and growing market for Teneo’s global clients, and we are committed to continue growing our team across the continent," added CEO Paul Keary, highlighting the firm's dual-front expansion.
Seamless Transition and Future Focus
Andrew Holmes, CEO of PwC New Zealand, confirmed the sale, noting, "We are pleased to confirm the sale of PwC New Zealand’s BRS unit to Teneo. We look forward to working with Teneo on a seamless transition and wish the team all the best for the future."
The acquisition underscores a period of dynamic growth for Teneo as it strategically builds out its international service network. By integrating established teams from major professional services firms, Teneo aims to rapidly scale its capabilities in key financial advisory markets around the world.
