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08/2022

PHENNA GROUP acquired by OAKLEY CAPITAL INVESTMENTS

UNITED KINGDOM Industrial Services / TIC (Testing, Inspection, Certification) EV 1b - 4b GBP

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.

Previously, Phenna Group had completed the acquisition of James Fisher Testing Services in 2021 as part of its consolidation strategy.

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

-> Deep-dive in Business Services market trends

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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2022
2021

Other operations with PHENNA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
02/2026PHENNA GROUPSIGMA TREITALYTIC (Testing, Inspection, Certification)
06/2025PHENNA GROUPCONSTRUCTION TESTING SERVICESUNITED KINGDOMTIC (Testing, Inspection, Certification)
11/2021PHENNA GROUPJAMES FISHER TESTING SERVICESUNITED KINGDOMTIC (Testing, Inspection, Certification)

REFERENCES

Valuation range: EV 1b - 4b GBP

Revenue range: 250M - 500M GBP

EBITDA range: 50M - 100M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PHENNA GROUP by OAKLEY CAPITAL INVESTMENTS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: phenna group

Acquirer: oakley capital investments