4th June 2025
We are pleased to announce the successful sale of Zest, the award-winning employee benefits software platform. Zest has been acquired by Epassi Group, a leading pan-European employee benefits technology provider backed by Warburg Pincus and TA Associates.
With a well-established track record of successful investments in Human Capital Management software platforms such as Kallidus and Questionmark, FPE invested in Zest in July 2021, supporting the management team to complete a buyout from a large UK plc. Since then, FPE has partnered closely with the business to deliver a substantial transformation. This has included significant investment in the technology platform and go-to-market capabilities, the addition of senior leadership talent, the launch of new product features, a rebrand, and a successful pivot from channel-led to direct sales.
Over FPE’s investment period, annual recurring revenue has more than doubled organically, with current year revenue growth of 24% being achieved alongside strong profitability. The business has secured a number of enterprise contracts with leading blue-chip customers and now serves over 500 organisations, including Hargreaves Lansdown, Taylor Wimpey and Yahoo, reaching more than 300,000 employees.
Zest’s growth and innovation have been widely recognised, winning multiple awards including Best Employee Benefits Technology (Corporate Adviser Awards 2024), Workplace Tech of the Year (National Technology Awards 2024), and a place among the Top 25 Work Tech Vendors (Inspiring Workplaces 2024). The company was recently named one of the Sunday Times Best Places to Work 2025.
Matt Russell, CEO of Zest The period since FPE’s investment has been truly transformational for Zest. We’ve experienced significant growth and made substantial progress across our product, team, and go-to-market approach. FPE has been a highly engaged and supportive partner throughout - playing a key role in helping us reach this stage. I’m now excited to begin the next chapter with Epassi and continue building on this momentum.
Dan Walker, Partner at FPE This marks another strong outcome for Fund II, contributing to an average exit multiple well above 3.0x MoC. It’s been a real privilege to partner with Matt and the team as they’ve evolved the business across product, leadership, and go-to-market. Their ambition and execution have been exceptional, and we’re proud to have supported them on this journey. We wish them every success as they take the business forward with Epassi.
FPE’s team was led by Dan Walker, Connor Trendell, and Harry Gill. FPE was advised by Cavendish (Corporate Finance) and Stephenson Harwood (Legal).