FPE Capital invests in TNP

The deal is the fourth investment from FPE's maiden institutional vehicle, which held a final close last year. TNP joins fellow software companies IWSR, Questionmark, Kallidus and Masstech in the fund's portfolio.

The GP had been in discussion with the company since last summer and was attracted to the business due its strong service element alongside selling its software system, managing partner David Barbour told Unquote.

As part of the transaction, FPE will partner with the TNP management team, which will be led by CEO Ian Humphries. Additionally, Paul White will join the business as non-executive chair.

Allied Irish Bank provided a debt package for the deal with a leverage multiple of around 3x EBITDA.

Including this deal, the fund is now 30% deployed. FPE is looking to complete one or two more acquisitions this year, Barbour said.

Company
Founded in 2009 and based in Burghclere, Hampshire, TNP is a value-added reseller of Microsoft Dynamics NAV enterprise resource planning (ERP) software and services to mid-sized UK corporates.

The company has grown from six staff members to 150 since inception and its client base counts 300 customers.

People
FPE Capital – David Barbour (managing partner).
TNP – Ian Humphries (CEO).

Advisers
Acquirer – Charles Russell Speechlys (legal); Armstrong Transaction Services (commercial due diligence); BDO (financial due diligence, tax); Spectrum Corporate Finance (debt advisory); Continuum Ventures (management due diligence); Avendus Capital (M&A).
Company – Equiteq (M&A); Wallace (legal); Davies Mayers Barnett (financial due diligence, tax).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Technology
• United Kingdom