Teneo has struck deals to acquire two international advisory businesses as part of its first M&A push since securing funding from LGT Capital Partners last year, according to sources cited by Bloomberg.

The firm is acquiring Clarity Partners, a 30-person boutique M&A and strategy consultancy operating across the Nordic region, and PricewaterhouseCoopers’ business restructuring services unit in New Zealand. As part of the Clarity transaction, Teneo will open a new office in Copenhagen.

Clarity was founded in 2024 by four former consultants from Boston Consulting Group and Bain, and focuses on small- and mid-cap M&A and growth strategy. Its management team, led by managing partner Asbjørn Kastaniegaard, will remain in place and join Teneo’s management consulting arm.

The New Zealand deal follows Teneo’s acquisition last summer of PwC’s restructuring unit in Australia and will see the firm open offices in Auckland, Wellington, and Christchurch. The transaction is expected to close by the end of February.

Teneo generated about $750m in revenue last year and is targeting $1bn within a couple of years, with acquisitions playing a central role in reaching that goal. More than half of its revenue already comes from clients using services across multiple business lines or geographies.

The firm was valued at $2.3bn following its investment from LGT Capital Partners, which is owned by the Princely Family of Liechtenstein. CVC Capital Partners remains Teneo’s majority shareholder.

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