Goldman Sachs Alternatives (Goldman Sachs) has entered into a agreement to acquire a majority stake in built environment risk, safety, compliance and testing services provider Celnor Group (Celnor).
The investment will support Celnor’s next phase of growth, accelerating its international expansion strategy, particularly in the United States and Continental Europe, while further strengthening its technology, operational and acquisition capabilities.
Celnor founder and chief executive officer, Simon Parrington, and members of the wider management team will remain invested alongside Goldman Sachs, together with existing shareholder Inflexion Private Equity. The transaction is subject to customary regulatory approvals and is expected to close in Q1 2027.
Founded in 2023, today, the group supports more than 20,000 clients, employs more than 2,750 people across 60 locations and generates annual revenues exceeding £300m.
Parrington said: “In three years, we have built a strong international platform, underpinned by exceptional people, trusted brands and a shared commitment to our customers. Partnering with Goldman Sachs is an important next step in our long term strategy and will enable us to invest further in our people and capabilities, strengthen our proposition for clients and create new opportunities for colleagues across the Group. I would like to thank Inflexion for its invaluable support since day one and am delighted they will continue as a partner in our next chapter.”
Jose Barreto, partner within private equity at Goldman Sachs Alternatives, added: “Having built a close relationship with Simon and the management team since Celnor’s formation, we are delighted to invest in the business at this hugely exciting stage in its evolution. We’ve been very impressed by Simon and the management team’s track record of building and scaling the group via M&A, while maintaining a clear focus on its customers, its service quality and importantly, its people. We look forward to partnering alongside Inflexion and management to drive future growth, both in the UK and internationally.”
Harry Wilson, investor within private equity at Goldman Sachs Alternatives, said: “Celnor has established a differentiated position in an attractive end-market underpinned by deep technical expertise, compliance requirements and trusted customer relationships. We look forward to drawing on Goldman Sachs’ global network and value creation capabilities to support the company’s continued development, both organically and through targeted acquisitions.”
Tom Pemberton, partner and head of enterprise fund, Inflexion, added: “Celnor is a great example of how Inflexion can provide huge flexibility and generate significant value. We backed an entrepreneurial founder to start from scratch to build a high quality, scaled business 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, 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, and there is significant runway ahead – particularly in the US and Continental Europe – and we are proud to remain part of Celnor’s story alongside Simon, the team and Goldman Sachs.”
Celnor and Inflexion were advised by Rothschild & Co (corporate finance), OC&C (commercial), Alvarez & Marsal (financial, tax), and Addleshaw Goddard and Slaughter and May (legal). Goldman Sachs Alternatives was advised by Houlihan Lokey (M&A), Linklaters (legal), and EY (financial and tax).
