Ian Armitage, the founder, chief executive and then chairman of HgCapital who retired from the mid-market private equity firm in November 2012, has joined London-based Tenzing as a non-executive director, according to the firm’s co-founder Guy Gillon. Armitage has confirmed the appointment.
Armitage spent 24 years at HgCapital, leading the spin-out of the team from Mercury Asset Management after that firm’s acquisition by Merrill Lynch in 1997. The spin-out took three years to complete and the firm was renamed HgCapital in 2000. Since leaving the firm, Armitage has become a director at the British Private Equity and Venture Capital Association and has taken on a number of non-executive positions, according to his LinkedIn profile.
The firm’s other non-executive directors are leisure and travel sector veteran Ian Coghlan and corporate finance specialist Sean Williams, according to the firm’s website.
Tenzing is a newcomer to the UK private equity scene having been established in 2015 by Gillon and Rob Jones.
The addition of Armitage in the board role comes as Tenzing has struck its latest deal, agreeing to purchase AIM-listed Bond International’s payroll business alongside Justin Cottrell, chief executive of the payroll subsidiaries business.
The deal is for a net cash consideration of £27.4 million with the new owners also taking on £2 million in net debt. It includes the purchase of Bond HR and Payroll Software, Bond Payroll Services and Eurowage, according to a July 28 statement. The deal is subject to shareholder approval.
Gillon said in an email statement: “We are delighted to be able to team up with CEO Justin Cottrell and his market-leading team. The international payroll services market is growing strongly and with the Group’s track record of innovation it is well placed to build on its impressive growth.”