FMP Global (Tenzing)

In 2016, Tenzing backed FMP Global’s management team in a £30m buyout that brought together three payroll divisions. At the time, Tenzing was in its infancy and had not yet raised a fund. FMP was Tenzing’s first investment and the firm was successful in pulling together a management team and funding for the deal, and gaining shareholder approval to complete the transaction. Upon entry, Tenzing first focused on turning one of the loss-making payroll divisions into a profitable business, before pivoting to a growth-focused mindset. Tenzing sold FMP to Hg-backed Iris Software Group in 2019. FMP is Tenzing’s maiden exit and generated a return of 5.4x in only three years (72% IRR), in what the judges described as a "firm-making deal" for the GP.