Tenzing acquires three payroll companies to form PSSG

Katharine Hidalgo
24 September 2020

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Tenzing Private Equity has acquired HR and payroll companies Cintra, Trace Payroll Services and UnaTerra.

The firm is currently investing from Tenzing Private Equity I, which closed on £200m in January 2017 and makes investments in companies valued at up to £75m. This is the fund's eighth investment.

The fresh capital will go towards product development, internationalisation, continued investment in sales, and an acquisition strategy.

The management teams of each company will continue to lead their division; Eric Dunmore has been appointed as executive chairperson at group level. Prior to this position, Dunmore founded SME advisory EMD Solutions.

Company
Gateshead-based Cintra was founded in 1996. It develops payroll software.

Trace Payroll is based in London and was founded in 1975. It provides payroll services.

UnaTerra advises and supports organisations in establishing back-office functions in international markets. It is based in Banbury and was founded in 2015.

People
Tenzing Private Equity – Guy Gillon (managing partner).

Advisers
Equity – Clearwater International (corporate finance); Wilson Partners (financial due diligence); CIL (commercial due diligence); Intuitus (IT due diligence); Osborne Clarke (legal); Continuum (commercial due diligence).