The advisory agency which managed the insolvency of Bulb Power in 2021 is kicking off a hunt for brand spanking new backers in a course of that would worth it at about $2bn (£1.5bn).
One non-public fairness supply mentioned Teneo was working with advisers, mentioned to be Guggenheim Companions, on the method.
Teneo has develop into a sprawling advisory agency, spanning public relations, restructuring and different areas of company consulting and strategic recommendation.
It employs a whole bunch of individuals in London, with purchasers together with Saudi Arabia’s sovereign wealth fund, the DIY retailer Kingfisher and Clayton Dubilier & Rice, the worldwide buyout agency.
The corporate has been backed by CVC Capital Companions, the non-public fairness backer of Six Nations Rugby, since 2019.
Previous to that, BC Companions, one other investor, owned a stake within the enterprise.
Teneo has grown quickly by means of a string of acquisitions, probably the most notable of which was the acquisition in 2021 of Deloitte’s UK restructuring arm.
Since then, the division has labored on the particular administration of the collapsed vitality retailer Bulb – the primary such technique of its form within the UK – and the insolvency of the UK arm of Russian financial institution VTB, which was hit by the imposition of sanctions following Vladimir Putin’s invasion of Ukraine.
Teneo has additionally purchased quite a few smaller restructuring corporations, together with Goldin Associates within the US and Credo within the UK.
CVC is known to personal a majority stake in Teneo, and it was unclear on Friday whether or not it could search to dump all of its curiosity or stay as a shareholder after any new investor backs the enterprise.
A variety of events are understood to have begun being sounded out, with a kind of approached saying that Teneo’s progress trajectory meant that it was more likely to appeal to a major stage of curiosity.
The method is unlikely to conclude till someday subsequent 12 months, they mentioned.
Teneo is known to be on observe for a document 12 months in monetary phrases, with its monetary advisory enterprise driving a major proportion of its enchancment in income and revenue.
It’s chaired by Ursula Burns, the previous chairwoman of Xerox Company and one of the outstanding Black businesswomen within the US.
The corporate was based by Declan Kelly, an influential adviser to quite a few American CEOs who was compelled to resign in 2021 following allegations of drunken misconduct at a live performance in California.
In Britain, Grant Thornton, the accountancy agency, is exploring the sale of an enormous stake, with a small variety of bidders nonetheless in talks.
Evelyn Companions is in discussions to promote its accountancy arm, whereas Cooper Parry, one other participant within the sector, can be up on the market.
CVC declined to remark.
