'It's a long way from the Nenagh Guardian' - Alan Kelly speaks as brother's firm eyes $1bn flotation
Labour TD Alan Kelly's brother set for major US windfall
The brother of Labour TD Alan Kelly is set for a major US windfall from the flotation a New York-based business that he co-founded five years ago.
The Wall Street Journal is reporting that the Teneo Holdings, a consulting firm whose clients include chief executives of some of the world’s biggest companies, is eyeing a $1billion (€890million) IPO.
The company was set up by the Tipperary TD's brother Declan along with Paul Keary and Douglas Band in 2011.
Asked about the reports by Sean O'Rourke on RTÉ Radio One on Wednesday the Labour TD said: "It's nothing to do with me. Media reports are media reports but all I'll say is it's a long way from the Nenagh Guardian and the Tipperary Star where he was once a journalist.
When questioned further Mr Kelly TD said: "We're two brothers and he's my only sibling and obviously we speak all the time but I'm not getting in to that. All I'll say is he's a very happy camper at the moment because we are All Ireland champions at the moment. That's all I'll say, there's a spring in his step."
According to US reports the firm has benefited from its close association with the Clintons. Mr Band is a former top aide former US President Bill while Declan Kelly was the appointed Economic Envoy to Northern Ireland when Presidential hopeful Hilary was Secretary of State.
The company has 575 employees and it markets itself as a one-stop shop for CEOs to get advice on a wide range of issues, including mergers and acquisitions, handling crises and managing public relations. It generally charges clients monthly retainer fees of $100,000 to $300,000 (€89,000 to €267,000).
In June it was confirmed that former Ireland rugby captain O’Driscoll had joined the sports division of New York-based global advisory firm as a senior advisor.
The Wall Street Journal is reporting that the company could go public as early as next year. Other options under consideration include a merger with another firm or a sale of some of Teneo’s units. Sources told the newspaper that Teneo is aiming for a valuation of as much as $1 billion.
Declan Kelly, from Co Tipperary, previously worked as a journalist and he subsequently held management positions at FTI Consulting.