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FMP Global

Trusted partner in global payroll services

FMP Global Meeting Image

Partnership origins

After analysing several offers for the business, which began pouring in around 2013, FMP Global’s Founder came to a pivotal realisation regarding the importance of choosing the right path and the right partner. A sale to Bond International Software in 2014 served as a striking example of the challenges associated with this route for a dedicated and enthusiastic Founder and CEO like himself. A lack of strategic alignment quickly prompted the Founder to repurchase the HR and both domestic and international payroll business from Bond, leading to the dissolution of the arrangement.

Why FMP Global chose Tenzing

An encounter with Tenzing Co-Founder Christian Hamilton during his previous role had a lasting impact on FMP Global’s Founder. When the time came to reevaluate the company’s future direction, FMP’s Founder actively sought out Christian, even securing his contact details from a competitor. This marked a key turning point – a journey from a situation where the Founder had no equity in his company to regaining ownership of a significant percentage.

Motivation for investment

The initial purchase offer in 2013 sparked contemplation within FMP Global’s Founder about what accelerated growth could entail. He began to envision the company as either an acquirer or a potential acquisition target. Tenzing’s partnership transformed this ambitious vision into reality, putting the Founder through his paces as CEO.

Without a doubt, Tenzing has been able to see the bigger opportunity here. They’ve opened up a more detailed mindset of what drives a business and the perspective that you might not be able to control the wind, but you can control the sails."

Justin Cottrell
Founder of FMP Global

How did we help FMP Global whilst investing?

The sale of FMP Global to IRIS Software Group in August 2019 yielded a remarkable 5.4x return, earning it the title of Small Buyout Exit of the Year at the Unquote British Private Equity Awards 2020.

Throughout the investment period, Tenzing played a pivotal role in strengthening FMP Global’s M&A capabilities, evidenced by three strategic acquisitions. These acquisitions included the customer contract book of PKF Cooper Parry, a domestic payroll bureau, MCN Associates serving U.S. businesses, and a North American payroll bureau, expanding FMP Global’s international footprint.

Tenzing’s value creation strategy also focused on supporting management in reengineering FMP Global’s marketing plan to ignite growth, with a specific emphasis on lead generation through Tenzing’s Entrepreneurs Panel.

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