Inflexion, a leading European mid‑market private equity firm, is pleased to announce the sale of a majority stake in Celnor Group (“Celnor”), an international built environment-focused testing, inspection, certification and compliance (“TICC”) platform, to Goldman Sachs Alternatives. As part of the transaction, Inflexion will retain a minority shareholding.
Founded in 2023, Celnor has rapidly grown into a leading platform in the TICC market. Today, the Group supports more than 20,000 clients, employs over 2,750 colleagues across 60 locations and generates annual revenues exceeding £300 million. With a national footprint across the UK and a growing international presence in the US and Europe, Celnor supports customers in meeting increasingly complex regulatory, safety and environmental requirements across the built environment.
Under Inflexion’s ownership Celnor has pursued a successful buy-and-build strategy, with a proven ability to integrate, support and grow acquisitions that join the Group. The group established strong momentum in the UK before taking its acquisition model into the US followed by France and Ireland.
Alongside M&A, Celnor invested in enterprise-class systems across finance, business intelligence and HR, and in its people – creating 125 new jobs and more than 400 training and development opportunities – to support organic growth across the group.
Celnor builds on Inflexion’s significant experience in TICC, which includes investments in Cawood Scientific, Phenna Group, Alcumus and BES Group, all of which pursued successful M&A strategies.
Celnor is a great example of how the Enterprise Fund can provide huge flexibility and generate significant value. We backed an entrepreneurial founder to build a high quality, scaled business from scratch in an attractive, fragmented market. Simon and the team have executed the strategy incredibly and we look forward to continuing to support them as a minority shareholder.
Celnor is an example of buy-and-build done well: a clear strategy, a disciplined and relationship-led approach to acquisitions, and sustained investment in the businesses once they joined. That combination has developed deep technical expertise across the group, delivered at scale, with a growing international footprint.
Inflexion has been a true partner throughout our growth journey, backing our ambitious M&A strategy with its experience and network. In just over three years Celnor has become a business of real scale and I am proud of what we have achieved together. I would like to thank Inflexion for its invaluable support since day one and am delighted they will continue as a partner in our next chapter.
The transaction is subject to customary regulatory approvals.
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