Inflexion buys software company

Inflexion Private Equity has completed its second transaction in a month with a £12 million buyout of a software company, a week after it sold its £19.1 million venture capital trust.

Inflexion Private Equity, a mid-market private equity manager, has led a £12 million (€18 million; $24 million) management buyout of Tekton Group, a software provider to the UK construction industry.   It is Inflexion’s second transaction in a month following the £13 million management buyout of Autocruise, a UK motorhome manufacturer, underlining the firm’s focus on its buyout business. 

Tekton: software provider to the construction industry

Last week Inflexion also sold Guinness Flight Venture Capital Trust, a £19.1 million venture capital trust, to Aberdeen Asset Managers, a fund management group.  Inflexion decided to focus on its core buyout activities after closing its £165 million buyout fund in November. 

The Tekton buyout also includes the acquisition of SiteStream, a specialist house builder services business.

Inflexion has invested £4.6 million in the company, according to a statement, while the management invested an undisclosed amount.  HSBC provided £5.3 million of debt facilities.

Clearwater Corporate Finance, BDO Stoy Hayward, Huntor Consulting and Grant Thornton provided financial advice.  Legal advice came from Addleshaw Goddard.

Tekton Group has three arms: Intuita, a construction industry-focused software supplier; EVision, a Scottish business information provider and CIT, a valuation services provider.

Inflexion Private Equity is a mid market manager specialising in UK buyout transactions of proven businesses with typical enterprise values of between £10 million and £50 million.