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M&A

PHENNA GROUP

Acquired by

OAKLEY CAPITAL INVESTMENTS

UNITED KINGDOM Industrial Services EV [1b GBP - 100b GBP] 08/2022

Target

PHENNA GROUP

Acquirer

OAKLEY CAPITAL INVESTMENTS

Context

The acquisition of Phenna Group by Oakley Capital marks a decisive shift in the organization's trajectory, transitioning the group from a minority-held partnership under Inflexion to a majority-controlled industrial platform. The strategic rationale for this transaction centers on a "platform-acceleration" play, merging the target’s industry-leading technical operational depth in the TICC sector with the acquirer’s proven expertise in executing complex buy-and-build roadmaps. This structural alignment provides the organization with the institutional capital and strategic hardware required to address the increasing demand for specialized compliance and safety certification across global supply chains. his operation allows the organization to execute a definitive structural expansion of its service capabilities, building upon the momentum of 23 bolt-on acquisitions completed in the 18 months prior to the exit. By incorporating the sponsor's strategic discipline, the group is now positioned to leverage its recognized leadership in mission-critical workflows to drive deeper market penetration in high-potential geographic zones.

PHENNA GROUP, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 11.3x average currently observed in the Business Services sector.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Phenna Group is a Testing, Inspection, Certification & Compliance (TICC) company based in Nottingham, operating as a decentralized partnership platform for the global TICC sector. The organization focuses on acquiring niche technical service providers to create a highly integrated global network across diverse industries such as infrastructure, healthcare, and energy. It prioritizes the strategic autonomy of its subsidiaries, offering the institutional resources and capital necessary for mid-market firms to professionalize their delivery models. Its growth strategy involves a high-velocity buy-and-build mandate, targeting independent laboratories that possess localized expertise and strong technical barriers to entry. By centralizing corporate governance while maintaining decentralized technical execution, the entity enables regional specialists to transition into international service champions.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2022
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2021
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Other operations with PHENNA GROUP

DateAcquirerTargetCountrySectorDeal Context
02/2026PHENNA GROUPSIGMA TREITALYTIC (Testing, Inspection, Certification)

The acquisition of Sigma Tre Lab by Phenna Group signifies a major territorial advancement for the group’s Industrial Division, marking its sixth acquisition in Italy within eighteen months. The strategic logic of this transaction hinges on a "specialist-technical" maneuver, merging the target’s technical operational depth in metallic materials testing with the acquirer’s global scale and sophisticated buy-and-build infrastructure. This alignment equips the organization with the scientific talent and laboratory hardware necessary to address the increasing complexity of industrial validation across Southern Europe. This operation allows Phenna Group to finalize a structural bridgehead in the Lombardy industrial hub, complementing its recent growth in other Italian regions through acquisitions such as A Cube TIC and ITS Controlli Tecnici.

06/2025PHENNA GROUPCONSTRUCTION TESTING SERVICESUNITED KINGDOMTIC (Testing, Inspection, Certification)

The acquisition of Construction Testing Services by Phenna Group signifies a major territorial advancement for the group’s Infrastructure Division. The strategic logic of this transaction hinges on a geographic-lock maneuver, merging the target’s technical operational depth in Northern Ireland with the digital reporting and logistics framework of Simtec. This alignment equips the combined entity with the scientific talent and laboratory hardware necessary to address the increasing complexity of infrastructure validation across the UK and Ireland. This maneuver allows Phenna Group to finalize a structural bridgehead in the Northern Irish market, complementing the recent growth of its specialist businesses in London and East Anglia. By absorbing the target’s specialized technical assets, the acquirer gains an immediate foothold in high-stakes regional civil engineering projects and large-scale public works.

11/2021PHENNA GROUPJAMES FISHER TESTING SERVICESUNITED KINGDOMTIC (Testing, Inspection, Certification)

The acquisition of James Fisher Testing Services by Phenna Group signifies a pivotal realignment of the industrial portfolio for James Fisher and Sons plc. The strategic rationale for this transaction centers on a "portfolio-refocusing" maneuver, allowing the seller to concentrate its capital on market-leading niche sectors in marine, energy, and defense. This alignment provides James Fisher Testing Services with an owner specifically focused on the Testing, Inspection, Certification, and Compliance sector, facilitating deeper integration into a dedicated infrastructure network.

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.