Tenzing invests in Activpayroll

The firm is currently investing from Tenzing Private Equity I, which closed on £200m in October 2016. The fund has a generalist remit and targets buyout investments in UK businesses valued at up to £75m.

Tenzing has backed the incumbent senior management team, led by founder and CEO Alison Sellar, and chief operating officer Euan Sellar.

The company plans to invest technical product development, in sales and in its acquisition strategy.

Tenzing previously acquired payroll company FMP Global on a deal-by-deal basis for £29.4m in 2016. The firm sold it to Hg-backed Iris Software in August 2019 for a money multiple of 5.4x and an IRR of 72%.

Company
Founded in 2001, Activpayroll is a payroll outsourcing specialist providing customers with international payroll, payment services and HR support. Headquartered in Aberdeen, the company has 11 operational hubs globally. It reported operating profit of £6.8m from revenue of £20.8m for the year to 31 March 2019.

People
Tenzing Private Equity – Guy Gillon (managing partner).
Activpayroll – Alison Sellar (founder, CEO).

Advisers
Equity – Alantra Corporate Finance (corporate finance); PwC (financial due diligence); Osborne Clarke (legal); Intuitus (IT due diligence); Continuum (commercial due diligence).
Company – PwC Corporate Finance (corporate finance); Addleshaw Goddard (legal).

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• Topics
• Buyouts
• UK / Ireland
• Support services
• Tenzing
• PwC
• Osborne Clarke
• Alantra
• Intuitus
• Addleshaw Goddard
• United Kingdom