LGT Capital Partners has acquired a minority stake in Teneo, the CEO advisory firm majority-owned by CVC, in a transaction that values the business at $2.3bn. 

The investment marks the end of a multi-year process by CVC to partially exit its position, with the new capital enabling the firm to return cash to its limited partners.

CVC first acquired Teneo in 2019 at a valuation of more than $700m, buying out BC Partners’ interest in the process. While CVC retains majority ownership, members of Teneo’s management team will also continue to hold equity in the firm.

LGT’s stake is understood to be in the double-digit range, and follows a consistent strategy by the firm to take minority positions in growing private companies. The Liechtenstein-based asset manager now oversees more than $100bn in assets.

Headquartered in New York, Teneo has grown into one of the world’s largest CEO advisory platforms, providing public relations, financial communications, restructuring, and strategic counsel to major corporations such as Chevron, Unilever, and Tesco.

The firm has also attracted scrutiny for its advisory work with sovereign wealth funds, including Saudi Arabia’s Public Investment Fund.

Founded in 2011, Teneo has pursued aggressive inorganic growth, acquiring a string of UK-based PR boutiques including Tulchan, Blue Rubicon, and Stockwell, along with Deloitte’s British restructuring business in 2021. That unit has reportedly outperformed many of Teneo’s legacy lines, as the wider communications sector faces mounting competition and the rise of AI tools.

The deal follows a period of internal turbulence, with two of Teneo’s original co-founders exiting abruptly amid scandals during the pandemic. The firm is now led by co-founder Paul Keary.

LGT, CVC, and Teneo all declined to comment on the deal.

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