• Strategy focuses on supporting portfolio with US expansion
• Initial focus is on nine companies across six core sectors
• Emphasis on add-ons in USD 75m-USD 500m EV range

Inflexion is making headway on its North America strategy, which is focused on finding add-on acquisitions for the firm’s Europe-based portfolio companies that want to expand across the Atlantic.

Established in January 2025, the US practice has already reviewed around 120 deals in line with this mandate, Ben Meyer, a partner and head of North America at the London-headquartered private equity firm, told Mergermarket.

“Our North American mandate is twofold: first, to support portfolio companies with sourcing and executing transformational acquisitions in North America; and second, to help our UK and European colleagues unlock North American M&A angles for new investment targets,” Meyer said.

Nearly a year after launch, the practice is now fully built out, with nine team members based in New York.

Meyer’s team brings prior experience of helping international firms establish a foothold in the US. Meyer himself was previously a partner at Hg, where he helped the firm build its US presence, following a stint on Temasek’s direct US technology and software team.

“The biggest challenge for a UK or European firm expanding into North America is committing fully,” he said. “The market is large and attractive, but also highly competitive and well-capitalized.”

Inflexion has opted for a targeted strategy around finding add-ons for its Europe-based portfolio companies, which are seeking North American opportunities due to the size and growth potential of the market. The team has the flexibility to pursue smaller bolt-on deals, but is sending considerable time on efforts to source what Meyer describes as “transformational M&A”.

“More of our emphasis will be on deals in the USD 75m to USD 500m enterprise value (EV) range, where on-the-ground support and proximity are critical,” he noted.

The US strategy is focused on Inflexion’s six core areas of focus: business services, technology, healthcare, industrials, consumer, and financial services.

Inflexion’s US team is initially focusing on supporting AOsphere, Aspen, Axiom GRC, BES, Curinos, GlobalData Healthcare, Nomentia, Ocorian and Rosemont, according to Meyer.

These nine portfolio companies span sub-sectors ranging from legal and regulatory data and HVAC tools to governance risk and compliance, financial services software, healthcare intelligence, treasury management, fund administration and pharmaceuticals.

Aspen, Rosemont and Ocorian were recently transferred to a GBP 2.3bn multi-asset continuation fund, alongside CNX Therapeutics.

On a narrower scope, the team is working with DSS+, an operations management consulting business, and Celnor, a testing, inspection, certification and compliance (TICC) provider.

Since launching its North American practice, Inflexion’s portfolio companies have completed several US acquisitions.

In particular, the firm’s US team led efforts on Ocorian’s carve-out of Element 78 Partners’ fund solutions unit in June which enabled the UK-based fund administrator to expand into the US market, acquiring a business with offices in Chicago and Charlotte. This deal fits into the “transformational acquisition” category, according to Meyer.

The team also supported Switzerland-based DSS+ on its acquisition of Montreal-based operational performance management and coaching provider Proaction in July, as well as working on Axiom GRC’s purchase of IS Consulting. Announced last month, the latter deal enabled the London-based governance, risk and compliance (GRC) services provider to accelerate its US expansion with the purchase of a firm with headquarters in Philadelphia and a nationwide presence.

Other recent US add-ons by Inflexion portfolio companies include event business Easyfairs’s acquisition of EPC (Energy Projects Conference & Expo), also its first US add-on. Meanwhile, Aspen Pumps acquired Veto Pro Pac, an HVAC business.

In the meantime, since launching the US operations, Inflexion has also focused on building out its team and office infrastructure, as well as establishing its brand in the market. The team operates from an office in midtown Manhattan, on 51st Street, between Park and Madison, and recently held an opening party for over 200 people.

Meyer said the launch of the US office has been well-received by stakeholders, particularly from portfolio companies. Founded in 1998, Inflexion overall has over 200 staff globally. As well as its London headquarters and New York office, it also has offices in Amsterdam, Frankfurt, Manchester and Stockholm.

Inflexion closed its sixth flagship buyout fund in 2022 at its GBP 2.5bn hard cap. The firm also closed its third minority investment fund earlier this year at its hard cap of GBP 1.75bn. Through both strategies, Inflexion backs companies with between EUR 50bn to EUR 1bn in EV, taking both majority and minority stakes depending on the scenario.