Private equity investor Tenzing has agreed the £30 million buyout of specialist services care company FMP Global’s payroll divisions, including Bond Payroll.
The deal, which will be completed on 19 August, will see the formation of a new company specialising in payroll and associated HR services.
Justin Cottrell (pictured), CEO of FMP Global, said: “Tenzing shares our vision for the next stage of growth, their track record and acquisition support, tenacity shown throughout the process, support for the management and cultural fit with the business and our team made them the perfect partner for the next stage of the development of our business.
“We are excited about investing into the business, broadening our offering and continuing to drive service excellence for our clients and partners worldwide.”
Guy Gillon, managing partner at Tenzing, added: “We are delighted to be able to partner with Justin Cottrell and a market leading management team. The payroll services market is growing strongly and with the group’s track record of innovation it is well placed to build on its impressive growth.
“We are excited about FMP Global having the freedom and independence now afforded to it allowing Justin and his team to realise their own and the company’s potential. We are relishing the challenges ahead and the enjoyment of the journey with the team at FMP.”