Formed in 2019, Phenna Group has rapidly emerged as an international TICC platform of scale, with revenue growth of 100% CAGR over the last three years. Today the group comprises 32 businesses, operating across 12 countries and four continents, providing specialist TICC services through its infrastructure, built environment, niche industrials, health sciences and certification and compliance divisions.
Over the past 2 years, Phenna has partnered with Inflexion, which has been highly supportive of the group's rapid growth strategy to date. Securing Oakley for the next stage of our journey is hugely exciting for all employees. Their vast M&A experience and entrepreneurial culture are a perfect fit for Phenna Group.
About CTS
CTS Group is a leading provider of testing and inspection services in the U.K., and adding them to Phenna takes the global headcount to over 3,000. CTS is primarily focused on long-term civil infrastructure projects. The business has almost doubled over the last two years through organic and acquisitive growth. CTS and Phenna Group offer complementary services, and the combination will provide a much broader service offering to clients.
In recent years, Phenna has emerged as the strategic acquirer of choice for best-of-breed specialist TICC companies due to its unique partnership approach, which allows leading TICC entrepreneurs to continue operating their businesses while also gaining the benefits of being part of a larger global business. Oakley's investment will allow Phenna to continue growing rapidly into new verticals and geographies.
Oakley Capital Founder and Managing Partner, Peter Dubens, commented: “Phenna Group is exactly the kind of entrepreneurial disruptor that Oakley was founded to support. We are pleased to have helped them acquire CTS Group, one of the pre-eminent testing brands serving UK infrastructure customers. We believe Phenna has the potential to become one of the leading TICC groups in the world and look forward to supporting them to achieve that vision."
Phenna Group Founder and CEO, Paul Barry, commented:
"I'm delighted to be partnering with Oakley; we were attracted to their deep expertise in M&A execution and integration, as well as their strong track record in helping businesses to internationalise at scale.
Equally, I'm very excited that the CTS team will be joining Phenna Group. I’ve known and respected CTS for a number of years, and their experience and strong growth track record fit perfectly with Phenna's longer-term ambitions.”
I couldn't be prouder of what my team has achieved to date, and as I look to the future, I'm excited to be working with the Oakley team to deliver on our mission to grow Phenna into a leading global TICC player.”
CTS Group CEO, Phil Coles, commented: "Oakley's approach and track record in driving business growth through M&A complemented that of CTS. The opportunity that then presented itself to continue this with Phenna, with the immense success that Paul and the team have had to date, was ideal and provides a great future for the business as part of a larger, incredibly ambitious, international group."