London, 17th August 2016 – Tenzing agrees £30m buyout of FMP Global from Bond Software International plc.
Tenzing is pleased to announce that it has received approval from the shareholders of Bond International Software plc for its £30m Buyout of their Payroll divisions (Bond HR and Payroll Software Limited, Bond Payroll Services Ltd and Eurowage Ltd, together “FMP Global”). The acquisition will be completed on 19th August 2016.
FMP, founded in 2006, is the UK independent market leader in International Payroll services. For its domestic clients, FMP provides payroll bureau services and mission-critical technology solutions to its UK payroll partners. The international payroll market is growing at c.15% per year and Tenzing will support the management team on continued investment into organic growth and will provide ongoing support to the acquisitions strategy.
Guy Gillon, Managing Partner of Tenzing commented: “We are delighted to be able to partner with Justin Cottrell and a market-leading management team. The International Payroll Services market is growing strongly and with the Group’s track record of innovation, it is well placed to build on its impressive growth. We are excited about FMP having the freedom and independence now afforded to it, allowing Justin and his team to realise their own and the company’s potential. We are relishing the challenges ahead and the enjoyment of the journey with the team at FMP.”
Justin Cottrell, CEO of FMP Global, commented: “Tenzing shares our vision for the next stage of growth. Their track record and acquisition support, tenacity shown throughout the process, support for the management and cultural fit with the business and our team made them the perfect partner for the next stage of the development of our business. We are excited about investing in the business, broadening our offering and continuing to drive service excellence for our clients and partners worldwide.”
Tenzing was advised by Catalyst Corporate Finance, Fairgrove Partners, Grant Thornton and Squire Patton Boggs. Christian Hamilton and Milan Kellner will represent Tenzing on the board on Completion.
The buyout of FMP underlines Tenzing’s commitment to supporting buyouts of high growth independent market leaders and backing high energy, driven management teams and founders to accelerate their growth in the UK lower mid market.
Find out more here.