Goldman Sachs Alternatives agrees majority deal for Inflexion-backed Celnor
Goldman Sachs Alternatives has agreed to acquire a majority stake in Celnor from Inflexion. The testing, inspection, certification and compliance platform generates annual revenues above £300m.
- 01Goldman Sachs Alternatives has agreed to acquire a majority stake in Celnor from Inflexion.
- 02Celnor, founded in 2023, now generates annual revenues exceeding £300m.
- 03The deal reportedly values the group at around €1bn; terms were not disclosed.
- 04Inflexion keeps a minority shareholding, and founder and CEO Simon Parrington stays invested.
The Goldman Sachs Celnor deal sees Goldman Sachs Alternatives agree to acquire a majority stake in Celnor from Inflexion. Celnor is a platform in the testing, inspection, certification and compliance (TICC) market.
What happened
Goldman Sachs Alternatives has agreed to take a majority holding in Celnor, which was founded in 2023 and now generates annual revenues exceeding £300m. The companies did not disclose terms. A person familiar with the situation said the transaction values Celnor at around €1bn, according to a report.
Simon Parrington, Celnor's founder and chief executive, and members of the wider management team are set to remain invested alongside Goldman Sachs Alternatives. Inflexion, the seller, keeps a minority shareholding.
How Celnor was built under Inflexion
In August 2023, Inflexion made a majority investment in Celnor from its Enterprise Fund V, launching a new platform for TICC businesses. At launch, Inflexion supported three acquisitions, followed by 16 acquisitions within the first 12 months of ownership. Celnor made 19 acquisitions in its first year under Inflexion.
The group built momentum in the United Kingdom before taking its acquisition model into the US, followed by France and Ireland. It also invested in enterprise-class systems and its people, creating 125 new jobs.
Why it matters
The transaction is a private equity handover of a platform assembled largely through acquisitions in a little over three years. It involves a secondary-style move in which one financial owner hands majority control to another while the seller and management stay invested.
It also adds to attention on the TICC segment, where fragmented operators in the UK and beyond have been consolidated by investors.
What to watch next
- Whether the companies disclose financial terms, and whether the reported €1bn valuation is confirmed.
- The timing of completion and any conditions attached to the agreement.
- Whether Celnor continues its pace of acquisitions in the UK, US, France and Ireland under its new majority owner.
- How Inflexion's minority stake and management's continued investment shape governance.
UCapital24 S.p.A. or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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