Tue, 10 Jan 2023 | BUSINESS SALE
UK financial public relations firm Tulchan Communications is reportedly set to be acquired by US PR giant Teneo, in a deal said to value the company at over £65 million. This figure would represent more than a 5.3x multiple of Tulchan’s £12.1 million operating profits for the year to March 31 2022, generated on turnover of £23.4 million.
According to reports in the Financial Times, citing sources with knowledge of the matter, the deal could be announced as early as Tuesday January 10. The acquisition would represent further consolidation in the UK’s strategic financial PR market, as well as the latest in a growing series of UK company acquisitions involving US buyers.
Tulchan is based on London’s Fleet Street and also has an office in Singapore. The group provides advisory services including financial communications, M&A and IPO, ESG, public policy and regulation and crisis and litigation.
Since it was founded in 2000 by senior partner Andrew Grant, Tulchan has established itself as a prominent firm in the UK’s financial PR industry. In recent years, the company has advised on several major deals, including Comcast’s 2018 acquisition of Sky, and also represented Unilever during Kraft Heinz’s unsuccessful 2017 takeover bid.
Speaking to PR Week, a source close to the deal said that Tulchan was attracted to Teneo’s international presence, with the firm’s lack of an international network said have become “a long-term strategic problem”. The source added that the deal would “create a truly marketing leading position in London, which will help us compete” and enable Tulchan to offer clients a wider range of services. Teneo was acquired by private equity company CVC in 2019.
Reports have indicated that there are not set to be job losses following the acquisition, but that Teneo and Tulchan are expected to ultimately combine their offices. Tulchan’s UK workforce stands at approximately 80, with a further 10 employees operating out of the firm’s Singapore office.
Read about the factors driving overseas buyers to target UK companies.
Find businesses for sale here.
If you are looking for an exit, we can help!.
An exciting opportunity to acquire a well-established independent financial advisor firm with £125m in funds under management in Wiltshire.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
This firm represents a superb opportunity to establish a hub, with staff and offices already in place.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.