CVC-backed Teneo establishes New Zealand footprint via PwC deal
Advisory firm Teneo is to acquire PwC New Zealand’s business restructuring services unit as part of its Asia-Pacific expansion strategy.
The deal, which is subject to customary closing conditions and is expected to close at the end of February 2026, will see 22 members of PwC New Zealand’s business restructuring services team join Teneo.
This deal follows the firm’s acquisition of PwC Australia’s business restructuring services unit, which was announced in July.
Teneo is majority-owned by private equity firm CVC Capital Partners, which first invested in 2019 and remains the largest shareholder, with minority stakes held by LGT Capital Partners since 2025.
Paul Keary, CEO of Teneo, said: “We are deeply committed to continuing to invest in the [Asia-Pacific] region, providing a wide range of reputational, strategic and financial advisory services. We are delighted to welcome our new colleagues from PwC New Zealand to the firm.”
Andrew Holmes, CEO, PwC, New Zealand, added: “We are pleased to confirm the sale of PwC New Zealand’s BRS unit to Teneo. We look forward to working with Teneo on a seamless transition and wish the team all the best for the future.”
Teneo also eyes expansion into Denmark
This comes on the heels of Teneo expanding its business in Europe with a strategic majority investment in Clarity Partners, a boutique M&A and strategy consulting firm with an established presence in the Nordics.
As part of the transaction, Teneo will formally open an office in Copenhagen.
“Europe represents an important and growing market for Teneo’s global clients, and we are committed to continue growing our team across the continent,” Keary added.