Teneo acquires PwC’s restructuring arm in New Zealand following Aussie addition

Global business advisory Teneo has purchased PwC’s restructuring services practice in New Zealand after picking up its Australian arm last year, adding a further two dozen professionals.

The acquisition also marks Teneo’s entry into New Zealand, the country joining a global network of almost two dozen locations around the world, with the consultancy stating it would operate from offices in Auckland, Wellington and Christchurch.

The business will be headed by PwC veteran John Fisk, who established the Big Four firm’s local forensic services practice two decades ago, with fellow partners Richard Nacey and Stephen White and executive director Malcolm Hollis also crossing.

“We are delighted to welcome our new colleagues from PwC to the firm,” stated Teneo CEO Paul Keary. “This is another important milestone in our global growth and the build out of Teneo’s offering across the Asia Pacific, and we are deeply committed to continuing to invest in the region to provide a wide range of reputational, strategic and financial advisory services.”

The acquisition follows that of PwC’s ‘Business Restructuring Services’ practice in Australia last year and the subsequent launch of Teneo’s financial advisory practice downunder, as PwC looked to offload non-core units in the wake of its government tax breach scandal. The deal added more than 80 professionals to Teneo’s headcount, including fifteen senior managing directors.

While perhaps opportunistic given the circumstances, it wasn’t an unfamiliar playbook for Teneo, with the 2011-founded New York-based consultancy previously picking up Deloitte’s restructuring practice in the UK along with KPMG’s branch in Bermuda. The firm has also been expanding its financial advisory wing organically, including in the Middle East and most recently to Spain.

“We are excited to be joining Teneo and become a key part of its strategy to grow a global financial advisory and restructuring business,” stated Fisk, who has spent the best part of three decades at PwC. “We will remain focused on what has always been important; the growth and development of our team and continuing to deliver great outcomes for our clients.”

With a global headcount of 1,800 professionals, Teneo is structured around five primary lines –management consulting, people and risk advisory, strategy & communications, and financial advisory – the latter now growing to almost 650 practitioners covering restructuring, corporate insolvency, capital advisory, business transformation, and forensics & investigations.

Speaking on the move, financial advisory CEO Daniel Butters said the firm believed there is a significant opportunity in the region for a ‘critical events advisor of scale’, stating; “We have seen great momentum following our expansion into Australia, and our new colleagues in New Zealand will play a key role in helping us continue to provide world-class service to clients.”

The Kiwi acquisition coincides with another deal for Danish M&A and strategy boutique Clarity Partners, which was established in 2024 by a quartet of former Boston Consulting Group and Bain & Company partners, with the activity in turn following an investment from Liechtenstein’s royal family last year via LGT Capital Partners – the asset management vehicle joining majority owner CVC.