Inflexion has agreed the exit of a majority stake in UK-founded testing and compliance group Celnor to Goldman Sachs Alternatives, while retaining a minority shareholding in the business.
Founded in 2023, Celnor operates in the testing, inspection, certification and compliance (TICC) sector, providing services that help customers meet regulatory, safety and environmental requirements across the built environment.
The group supports more than 20,000 clients, employs over 2,750 people across 60 locations and generates annual revenue surpassing £300m.
Under the ownership of Inflexion, Celnor has pursued a buy-and-build strategy, expanding its UK operations before entering the US, Ireland and France through acquisition. The business has also invested in its systems and workforce, creating 125 jobs and more than 400 training and development opportunities.
Goldman Sachs Alternatives’ investment is intended to support Celnor’s next phase of growth, with a focus on international expansion, particularly across the US and Europe, alongside further investment in technology, operations and acquisitions.
The transaction builds on Inflexion’s significant experience in TICC, including prior investments in Cawood Scientific, Phenna Group, Alcumus and BES Group, all of which completed successful M&A strategies. It is subject to customary regulatory approvals and is expected to be completed in Q1 2027.
Tom Pemberton, partner and head of the enterprise fund at Inflexion, said: “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.”
Dominic Clark, investment director at Inflexion, said: “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.”
