Goldman Sachs Alternatives has entered into a definitive agreement to acquire a majority stake in Celnor Group, a London-based testing, inspection, certification, and compliance platform focused on the built environment.
The transaction will see Celnor founder and Chief Executive Officer Simon Parrington and members of the broader management team remain invested in the business alongside Goldman Sachs. Existing shareholder Inflexion Private Equity will also reinvest and retain a minority position.
The deal is subject to customary regulatory approvals and is expected to close in the first quarter of 2027.
Founded in 2023, Celnor has grown rapidly through a combination of organic expansion and acquisitions. The company now supports more than 20,000 clients, employs over 2,750 people across 60 locations, and generates annual revenue exceeding £300 million.
Celnor operates across four divisions: Built Environment, Safety & Compliance, Risk Management, and Analytical Sciences. Its services help customers manage regulatory, safety, environmental, testing, inspection, data, and compliance requirements.
The company has established a broad presence across the United Kingdom and is expanding internationally, including in the United States and Continental Europe.
Goldman Sachs’ investment is expected to support Celnor’s next stage of growth, with a particular focus on accelerating international expansion, strengthening technology and operational capabilities, investing in talent, and pursuing additional acquisitions.
Celnor plans to continue using a targeted buy-and-build strategy to expand its technical capabilities and geographic reach. Management said the company sees significant opportunities for further growth in fragmented testing, inspection, certification, and compliance markets.
Parrington and Celnor’s existing management team will continue to lead the company following the transaction.
Celnor and Inflexion were advised by Rothschild & Co on corporate finance matters, OC&C on commercial matters, Alvarez & Marsal on financial and tax matters, and Addleshaw Goddard and Slaughter and May on legal matters.
Goldman Sachs Alternatives was advised by Houlihan Lokey on M&A, Linklaters on legal matters, and EY on financial and tax matters.
Goldman Sachs Alternatives manages more than $706 billion in alternative assets and invests across private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability, and hedge fund strategies. Its private equity business has invested more than $75 billion since its establishment in 1986.
KEY QUOTES:
“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.”
Simon Parrington, Founder And Chief Executive Officer Of Celnor Group
“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.”
Jose Barreto, Partner Within Private Equity At Goldman Sachs Alternatives
“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.”
Harry Wilson, Investor Within Private Equity At Goldman Sachs Alternatives
“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.”
Tom Pemberton, Partner And Head Of Enterprise Fund at Inflexion
“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.”
Dominic Clark, Investment Director at Inflexion