Catalyst advises Tenzing on £30m management buy-out of FMP Global

Catalyst Corporate Finance has advised Tenzing Private Equity on the £30 million buy-out of Bond HR and Payroll Software Limited, Bond Payroll Services Ltd and Eurowage Ltd, together known as FMP Global (FMP), from Bond Software International plc.

FMP, founded in 2006, is the UK independent market leader in international payroll services and also provides payroll bureau services and mission critical technology solutions to its UK clients. The international payroll market is growing at 15% per year and Tenzing will support the management team with continued investment in organic growth initiatives and provide ongoing support for their acquisition strategy. 

Justin Cottrell, CEO of FMP Global said “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 looking forward to investing in the business to broaden our offering and to continue to drive service excellence for our clients and partners worldwide.”

Tenzing is an independent private equity investor supporting buy-outs of high growth independent market leaders, backing high energy, driven management teams and founders to accelerate their growth in the UK lower mid-market. Christian Hamilton, Managing Partner at 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 were assisted by our advisors Catalyst who did an exceptional job in every aspect of the transaction, including M&A advice and debt advice. What really impressed us was their tenaciousness and going beyond the call of duty.” 

Tenzing had appointed Catalyst to advise on the buy-side owing to their experience and credentials in the HR Services sector combined with their ability to quickly get under the skin of a complex business and willingness to become involved in the detail of the transaction where required. Catalyst sat alongside the Tenzing team supporting them on all aspects of the deal including the preparation of a detailed business plan and flexible financial model, assistance in negotiating management terms and project management throughout. Catalyst also advised on raising the debt to fund the transaction, generating a number of offers from potential funders before negotiating a suitable debt package and covenants with the selected banking partner.

Partner Richard Holden who led the deal supported by Vernan Richards commented:

“The completion of FMP marks the ninth in a string of services deals completed by the Catalyst Business Services team this year. The broader HR services market has attractive dynamics for investors and FMP generates high quality repeat revenues with high margins supported by technology solutions. Justin and his team have created a fantastic business and I’m sure they have found the right partner in Tenzing Private Equity; an entrepreneurial team of experienced investors who are also great to work with.”

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