Gorkana Insight & Analysis Team
Blue Rubicon-owner Teneo Holdings to acquire financial and corporate specialist Pendomer Communications
Teneo is acquiring London-based financial and corporate comms firm Pendomer Communications for an undisclosed amount.
Pendomer, which is independently-owned, will combine with Teneo’s existing UK operations and the enlarged business will have over 200 practitioners in London with a further 300 people across 14 offices around the world. The purchase follows Teneo's acquisition of Blue Rubicon and StockWell Group in July this year.
In the new structure, Pendomer's senior team will report directly to Charles Watson (pictured) in his capacity as chairman of Teneo International. The terms of the transaction have not been disclosed.
Charles Armitstead and Ben Foster, former MDs of Financial Dynamics (now FTI) founded Pendomer in 2012. The consultancy has since advised its clients on more than £30 billion worth of transactions.
Declan Kelly, chairman and CEO of Teneo, said: "The acquisition of Pendomer solidifies our position as one of the world's leading global advisory firms. We have known the team at Pendomer for many years and respect the way that they have built a successful, highly profitable business from a standing start. Their entrepreneurialism, innovative approach and hugely respected advisory capabilities will help to significantly accelerate our ambition to expand rapidly in the UK and across Europe."
Charles Armitstead, managing partner of Pendomer, added: “We have watched Teneo evolve quickly to become the new challenger force in the corporate boardroom. Its global footprint and diverse offering, combined with the notable acquisitions of Blue Rubicon and StockWell, make this an incredibly exciting opportunity for us and for our clients. We look forward to contributing to Teneo's success and helping to take the business forward.”
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