Phenna Group ('Phenna') is one of the fastest growing Testing, Inspection, Certification and Compliance ('TICC') groups globally.
We speak to Paul Barry, founder of Phenna on what is driving growth in the $250 billion TICC market, consolidating opportunities in a highly fragmented market and Phenna's growth strategy.
Watch our video to find out more.
Phenna Group was established in July 2018 by founders Paul Barry and David Harrison. Starting with the initial buyout of Hansen Aerospace, today Phenna is one of the fastest-growing TICC groups globally, having completed over 45 acquisitions to date, to create a diversified business operating in 12 countries across four continents, and with core capabilities across five divisions: infrastructure, industrials, built environment, certification & compliance, and food & pharmaceuticals.
Paul Barry
CEO — Phenna Group
TICC companies- are the hidden heroes of the global economy. They help to keep planes flying safely, they underpin investment in the new roads and bridges that are essential to modern life, they provide reassurance that the medicines we take, the food we eat and the water we drink are safe. This is a growing, $250 billion global market as government regulations demand greater safety and assurance for consumers and taxpayers. This also makes it a non-cyclical, non-discretionary market, with frequency of testing required by law. The TICC market is also highly fragmented, with the top 10 players globally accounting for only 12% of the market, providing opportunity for further consolidation.
Paul Barry
Founder & CEO — Phenna Group
Oakley saw the opportunity to partner with Paul and his team, whose combined deep knowledge of the TICC sector and impressive track record in executing M&A made Phenna exactly the type of entrepreneurial disruptor Oakley likes to support. At the same time, Oakley identified CTS, a complementary Infrastructure testing business as an attractive transformational acquisition that had previously been unattainable for Phenna. Oakley conducted parallel negotiations with each business, completing both acquisitions concurrently and subsequently integrating CTS into Phenna, in a business combination that demonstrates the Firm’s deep expertise in executing complex transactions.
Phenna Group has established a reputation as the ‘acquiror of choice’ for best-of-breed, niche specialist TICC players in the Group’s core sectors, empowering TICC entrepreneurs to continue running their businesses while leveraging the benefits of joining a global platform. Phenna has built a well-oiled, scalable M&A machine to identify and execute on the most attractive opportunities in the sector.
With a rich M&A pipeline and strong cross-selling opportunities, Phenna has the ambition and momentum to rank amongst the world’s leading TICC players over the coming years. The team are leveraging the Group’s strong brand and reputation to acquire leading businesses and gain share in existing end markets, and increase critical mass in existing regions while also expanding into untapped geographies. At the same time, Phenna is developing plans to enter into new markets and build out it its more nascent platforms in cyber, food, life sciences and pharma.
