References
Useful external sources on TIC funds, market commentary and the industry itself.
TIC Fund References
Phenna Group
A TIC platform that completed 26 acquisitions in 2025 alone at an average entry multiple below 7.5x EBITDA, alongside close to double-digit organic growth — while the platform itself last changed hands at roughly 20x. Founder-led businesses retain their brands and management.
Oakley Capital Investments, Annual Report 2025 · Read the source
Celnor Group
Launched in 2023 and expanded to 45 acquisitions in under three years, four of them international, demonstrating how quickly a federated TIC platform can scale while keeping acquired founders in place.
Inflexion, "Buy and build platforms" (July 2026) · Read the source
Certania
Built from zero by Greenpeak Partners in 2021, Certania reached over €35m EBITDA in roughly three years — returning ~4x gross and 90%+ IRR to an early investor on exit — with Summit Partners adding growth capital in 2023. Acquired companies keep their brands, culture and entrepreneurial roots.
GREENPEAK Partners, Continuation Fund I (April 2024) · Read the source
Certek Group
Founded in 2024 by David Harrison, co-founder and CFO of Phenna, and backed by Macquarie Capital Principal Finance from the early stages — 14 acquisitions in roughly 18 months across built environment, life sciences, materials testing, asset integrity and GRC, passing £100m pro-forma revenue and securing a £170m facility. The playbook attracts institutional capital before the platform exists.
Macquarie Capital · Read the source
Intertek takeover by EQT
One of the world's largest TIC companies taken private at a significant premium, showing that even the largest listed players are now consolidation targets.
Reuters / Global Banking & Finance · Read the source
TIC Market Articles
Global TIC market size and M&A multiples
Global TICC market of $100–300bn, roughly 70% of which sits in a long tail of thousands of small private firms. M&A multiples averaged 14.3x EBITDA over the past 18 months against a 10.3x public-market median — private platforms consistently clear above listed comps because buyers pay for the M&A runway attached to them.
Robert W. Baird & Co., TICC Update · Read the source
Testing, Inspection, Certification: A Call for Transformation
A €300bn+ market in 2024 in which the 14 largest players hold roughly a quarter of addressable spend, and where BCG argues value now comes from "specific scale" — depth within a single activity and geography, not global breadth. Segments tied to digitalization, supply-chain resilience and sustainability are growing over 20% a year, and the top 10 players average about 30 deals annually, almost all bolt-ons under €50m.
Boston Consulting Group · Read the source
TIC Industry Articles
TIC Industry: Complete Guide
A €200bn+ global TIC market of which only 40% is outsourced, leaving roughly €120bn still held inside governments and corporate in-house labs. Growth, not margin, drives value: each 10% of two-year revenue CAGR adds about 2.9x to EV/EBITDA, and the largest players have leaned on acquisition to get it — Eurofins 378 deals since 2015, SGS 97 since 2014, Bureau Veritas 61.
Aventis Advisors · Read the source
Adapt, Transform, Thrive in the TIC Industry
Global TIC market forecast to grow 4–5% a year, underpinned by regulation, sustainability, data security and rising middle-class demand in emerging markets. Nearly 1,000 acquisitions in twelve years — and the strategic rationale has shifted: with the majors already globally established, the priority is now localization and depth in local markets rather than geographic reach.
EY-Parthenon · Read the source