Alan Kelly's brother Declan is in line for windfall as Teneo eyes $1bn stock market float

IRISHMAN DECLAN KELLY is in line for a cash windfall as the consulting company he founded is reportedly considering a major stock market flotation in the US.

According to the Wall Street Journal, Teneo Holdings, a US agency that provides advice to the heads of some of the world’s biggest companies, is considering an initial public offering (IPO).

The paper reported that the company could go public “as early as next year”, although it added that the exact timing of an IPO is unclear.

It said that Teneo has not yet hired bankers to formally prepare for the process, but added that if it was to float it would be aiming to reach a valuation of up to $1 billion (€890 million).

The paper also said that the company is considering a merger with another firm or the sale of part of its business.

Corporate advice

Teneo was founded in 2011 by Declan Kelly, the brother of Labour TD and former minister for the environment Alan Kelly.

It says that it works with the leaders of major corporations to help them address “a wide range of business and reputational issues”. It provides services such as advice on mergers and acquisitions and public relations and charges monthly retainer fees of between $100,000 and $300,000.

The company has operations in Dublin and employees nearly 600 people across 14 offices in regions including Europe, the Middle East and China.

Teneo founder Declan Kelly is the brother of Labour TD Alan Kelly

It also has ties to some of the world’s most influential figures, including a strong association to the Clinton family.

Clintons

Before starting Teneo, Kelly was appointed by Hillary Clinton as US economic envoy to Northern Ireland in 2009, when she was US secretary of state, and was executive vice president of international consulting firm FTI.

Former US President Bill Clinton previously served as a paid adviser to Teneo until the end of 2011. Former UK prime minister Tony Blair was also an advisor to the company.

In July, Teneo acquired PSG Communications, an Irish public relations firm which advises some of Ireland’s largest companies.

Teneo also recruited former Irish rugby captain Brian O’Driscoll, who joined the business earlier this year as a sports advisor. Teneo’s sports business is headed up by former Nike brand president Charlie Denson.

Last year private equity giant BC Partners, which has over €12 billion of assets under management, acquired a minority stake in Teneo.