US advisory group Teneo expands global footprint with Credo acquisition

12 August 2017

Teneo’s thriving Consultancy division expects to put UK-based Credo’s specialist expertise to the test in bid to expand share in growing US management consultancy industry, while opening door to UK and Middle East markets.

US headquartered global advisory firm Teneo Holdings has secured a valuable expansion into the UK and Middle Eastern consultancy markets. The American giant announced the acquisition of Credo Business Consulting, which has a presence in London and Dubai, for an undisclosed fee.

Credo, a management consultancy founded in 1999, commands a high degree of specialist expertise in corporate strategy, performance improvement and transaction services. Teneo will incorporate that knowledge base into its consulting division, one of 12 managed by the New York City-based firm in the service of its high-profile clients.

The acquisition of Credo is one of four set to be completed by Teneo by the end of 2017, marking the busiest year in the firm’s history since it was founded by three partners - with Bill Clinton on the advisory board - in 2011. The Credo deal is the firm’s standout consultancy acquisition and will see more than 60 experienced professionals join the Teneo team, including all six of Credo’s current partners, who will take on leadership positions. Teneo’s total headcount now surpasses 670 employees.

Integrating Credo’s specialist knowledge is expected to help Teneo expand its share of the lucrative US management consulting market, which grew by 7.7% last year to generate $58 billion in revenue. Offices in Dubai, the crown jewel of the prosperous Middle East market, will see Teneo follow Bain & Company, Strategy& and Deloitte in expanding their footprint to the UAE capital.

Teneo acquires Credo as part of major global expansion drive

Global footprint

Teneo has substantive experience at the international level, notably helping world soccer institution FIFA tackle its PR crisis following a series of corruption scandals. Credo, too, has a strong track record of advising the globe’s leading international organizations, experience set to be warmly welcomed by Chairman Chris Wearing and President Alex Pigliucci, who lead Teneo’s Consulting division.

“This acquisition will help further the expansion of Teneo’s global management consulting capabilities in response to client demand,” said Declan Kelly, Chairman and CEO of Teneo. “We are very pleased to welcome the Credo team to Teneo. They have a very strong reputation for delivering results for clients and will be a great addition as our business continues to grow.”

Simon Bones, Managing Partner of Credo, said in a statement that the joining of forces will create a "truly differentiated proposition" for clients and "an excellent platform for growth." He added, "This also represents a tremendously exciting moment for our staff. We are delighted to be joining forces with Teneo.”


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OneDigital buys Northwestern Benefit in company's largest acquisition yet

11 April 2019

Human resources and benefits consultancy OneDigital Health and Benefits has acquired Northwestern Benefit, the largest privately held benefits broker in Georgia.

Atlanta-based OneDigital has carried out an aggressive acquisition strategy in past years, completing 28 deals in 2018, as well as five in 2019 thus far. Its recent acquisitions have included consulting firms Paradigm Group, Cherry Creek Benefits, and Veritas Risk Services. OneDigital’s rapid expansion last year boosted annual revenue by $100 million in 2018, reaching $400 million.

OneDigital’s core offerings include strategic benefit advisory services, analytics, compliance support, human resources management technology, and insurance broking. The firm has more than 80 offices in the United States.

The consulting firm has continued its accelerated growth strategy with the purchase of benefits and HR consultancy Northwestern Benefit, which is also based in Atlanta. “This represents an exciting milestone for OneDigital, where our largest acquisition to date is also located right here in our home state of Georgia,” Adam Bruckman, CEO of OneDigital, said. “Northwestern lets us compete in the Atlanta benefits marketplace in an entirely new way.”OneDigital buys Northwestern Benefit in company's largest acquisition yetThe acquired firm was founded in 1996, and provides benefits, HR, compliance, wellness, education, and workforce planning advisory services to clients in George and across the US. Northwestern Benefit’s 150 employees will join OneDigital, bringing the firm’s headcount to over 1,600 employees, and its employer client count to approximately 50,000.

OneDigital’s chief growth officer, Mike Sullivan, highlighted Northwestern’s excellent sales culture and client service models as factors in the deal, while noting that the deal will significantly expand the firm’s middle market scale and capabilities. Sullivan expects more deals on the horizon, as OneDigital seeks to scale up further. “We expect north of 25 acquisitions again this year to bring us over the $500 million revenue threshold,” he said.

David Asbury, CEO of Northwestern Benefit, will join OneDigital as a senior managing principal. “As the benefits space continued to consolidate and we considered acquirers, it was incredibly important to me to find the right partner,” he said. “With OneDigital’s scale, reach and long-term vision, we knew our organizations would fit together and be stronger together right off the bat.”

As employment levels remain at record highs, employers are increasingly turning to effective and comprehensive benefits packages in order to attract and retain a dwindling pool of talent. HR and benefits firms help employers strategize the ideal benefits and compensation packages to get the talent they need, while doing so in the most cost-effective manner. “In a rapidly changing economy, an employer’s ability to attract and retain talent is often directly tied to the benefits they can provide, and OneDigital ensures we’re supplying our clients with the most robust health, wealth, and HR advisory services,” Bruckman said.