US advisory group Teneo expands global footprint with Credo acquisition
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.
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.”
