Inflexion is pleased to announce it has agreed to sell its minority investment in Phenna Group (“Phenna”), a global business focused on the Testing, Inspection, Certification and Compliance (“TICC”) sector, to Oakley Capital in a transaction that values Phenna at over £1 billion. The partnership delivers a strong return following significant international, acquisitive, and organisational development supported by Inflexion’s substantial sector and M&A expertise.

The announcement marks the first exit for Partnership Capital II and is the 10^th exit announced by Inflexion during 2022. Together they have a combined valuation of over £3.5bn.

The sale of its minority stake in Phenna adds to Inflexion’s impressive history of successfully backing businesses in the sector, with successful investments including Alcumus, British Engineering Services and Cawood Scientific.

Inflexion Partnership Capital completed a minority investment in Phenna in February 2021, and the 18-month partnership more than doubled EBITDA and tripled headcount as an international TICC platform of scale was created. The growth was supported by Inflexion’s significant sector and M&A experience which enabled Phenna to undertake 23 acquisitions in six countries as the firm expanded geographically and into new end-market sectors. Inflexion also supported the build-out of the leadership team, including the appointment of a seasoned Chair.

Phenna’s leadership team created an excellent platform to create a global leader. Our significant sector expertise gained from other investments in the sector helped us to recognise the potential they could achieve, while our M&A experience served their ambition well. We’re delighted to have accelerated their journey and wish them all the best in the years to come.

Simon Turner,

Managing Partner, Inflexion

Inflexion’s Partnership Capital minority offering combined with the firm’s impressive experience in similar businesses made them the perfect partner. Their knowledge of our sector and support in accelerating our M&A journey exceeded my expectations and I’d like to thank them for all their support.

Paul Barry, Founder and CEO,

Phenna Group