The acquisition will see Teneo launch a full-service restructuring business, adding 250 staff to its workforce to bring its global total to 1,100.
A value for the deal, which must be approved by regulators, has not been disclosed.
The acquisition will bring specialist expertise in distressed restructuring and insolvency to Teneo, joining its existing advisory capabilities in management consulting, risk, strategic communications, public affairs, investor relations, capital advice, talent and executive search.
“Teneo intends to use this acquisition to build a global restructuring practice leveraging our existing capabilities in the United States as well as through further M&A and organic growth,” chief executive Declan Kelly said.
The new Teneo unit will operate from a network of London and regional offices, and will increase Teneo’s UK presence to more than 600 staff.
Deloitte’s head of UK restructuring services Daniel Butters will become head of restructuring for Teneo. “We have growth plans to scale our existing market leading business, clear support from our clients for our strategy and we believe that Teneo gives us the right platform to deliver this vision,” he said.
This is the third deal announced by Teneo in the UK and Ireland in the past six months, with the company previously buying London-based Ridgeway Partners and Dublin-based Kotinos Partners. CVC Capital Partners is making an incremental equity investment as part of the Deloitte deal.