Private equity firm CVC Partners has increased its majority stake in Declan Kelly-led advisory firm Teneo to enable the business to buy Deloitte s UK restructuring business.
The transaction, which is understood to be for at least €250m, moves Teneo into the UK corporate restructuring business for the first time, extending the range of advisory services it offers to business leaders and boards.
At that price Teneo sought funding to complete the transaction from CVC, which bought a 50pc stake in the company for a reported €309m in 2019 from BC Partners.
As part of that deal, management also sold some of their shares, giving CVC an outright majority position.