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Inflexion announces today the appointment of Ray Pierce as Chairman of Parasol Group. In his new role he will be overseeing the development of the company and liaising closely between the Inflexion portfolio management team and Parasol’s senior management headed by Rob Crossland as CEO.
Having originally acquired Parasol in a £24 million buyout in October 2006, Ray’s appointment is part of Inflexion’s commitment to increase value in its portfolio companies through strengthening management teams and structures, acquiring in-fill businesses where appropriate and providing finance for organic growth. Inflexion works with a number of business leaders and experts on a daily basis, deploying their knowledge and experience for maximum benefit across its portfolio.
Ray has been well known to Inflexion for a number of years most recently in his capacity as Chairman of Crown Sports which Inflexion sold in May 2006. During his tenure at Crown he oversaw a review of the company’s strategy which resulted in a considerable increase in shareholder value and 2x return for Inflexion. He also has substantial financial services and marketing experience from his roles as Vice President of Consumer Marketing and Strategic Planning at American Express and Chairman of Engage Mutual Assurance which will prove to be invaluable to Parasol.
Established in 2000, Parasol is the UK’s leading provider of contractor payroll services, supplying a comprehensive and professional employment solution for freelancing contractors in a broad range of industry sectors. Operating from its head office in Warrington, Cheshire, Parasol employs over 6,500 flexible employees and has been ranked in the FastTrack 100 list for the last two years.
John Hartz, Managing Partner of Inflexion commented, “Ray’s appointment is an exciting step forward for Parasol, and is consistent with Inflexion’s hands-on approach in providing strategic and financial support to our portfolio companies in order to drive profitability whilst maintaining sensitivity to the business’ culture and inherent needs.”
Rob Crossland, CEO of Parasol Group said, “We are looking forward to working with Ray in driving the company to the next level and gaining from his experience to continue to increase sales. Ray’s appointment will complement the existing successful team and his experience will no doubt prove important as we continue to drive growth.”