M&A Deal Summary

Greenbelt Capital Partners and Tenex Capital Management Acquire Unirac

On October 6, 2022, private equity firms Greenbelt Capital Partners and Tenex Capital Management acquired manufacturer Unirac from Tenex Capital Management

Acquisition Highlights
  • This is Greenbelt Capital Partners’ 1st and Tenex Capital Management’s 5th transaction in the Manufacturing sector.
  • This is Greenbelt Capital Partners’ 9th and Tenex Capital Management’s 39th transaction in the United States.
  • This is Greenbelt Capital Partners’ 1st and Tenex Capital Management’s 2nd transaction in New Mexico.

M&A Deal Summary

Date 2022-10-06
Target Unirac
Sector Manufacturing
Buyer(s) Greenbelt Capital Partners
Tenex Capital Management
Sellers(s) Tenex Capital Management
Deal Type Recapitalization
Advisor(s) Cowen Group, Inc.
Lazard Ltd. (Financial)
Koley Jessen PC (Legal)

Target

Unirac

Albuquerque, New Mexico, United States
website
Unirac is a manufacturer of PV mounting systems in North America. With over 15 years of customer service, the company is fast approaching 5GW of experience with more than 500,000 installations worth of knowledge. Unirac was founded in 1998 and is based in Albuquerque, New Mexico.

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Buyer(S) 2

DESCRIPTION

Greenbelt Capital Partners is a specialist investment firm focused on the energy sector. The Firm typically seeks control investments, and commits $50 to $150 million per transaction. Greenbelt considers a variety of transaction types, including management buyouts, generational transitions, recapitalizations, and growth equity. Greenbelt Capital Partners was founded in 2021 and is headquartered in Austin, Texas.


DEAL STATS #
Overall 9 of 11
Sector (Manufacturing) 1 of 1
Type (Recapitalization) 1 of 1
State (New Mexico) 1 of 1
Country (United States) 9 of 11
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-14 Powin

Tualatin, Oregon, United States

Powin is a provider in the design and manufacture of safe and scalable energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. Powin was founded in 1989 and is based in Tualatin, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-01 Saber Power Service

Rosharon, Texas, United States

Saber Power Service is a fully integrated electrical power system services firm offering end-to-end solutions for substations and medium-and high-voltage infrastructure across utility, renewables/battery storage, industrial, and other markets. Saber Power Service was founded in 2010 and is based in Rosharon, Texas.

Buy -
Buyer
DESCRIPTION

Tenex Capital Management is a private investment group focused on acquiring control positions in profitable North American companies with $3 to $40 million of EBITDA. The Firm does not have any sector preferences and looks to commit up to $125 million per transaction. Tenex Capital Management was formed in 1999 and is based in New York City.


DEAL STATS #
Overall 39 of 42
Sector (Manufacturing) 5 of 5
Type (Recapitalization) 3 of 3
State (New Mexico) 2 of 2
Country (United States) 39 of 42
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-02 SES Foam

Spring, Texas, United States

SES Foam is a manufacturer and marketer of high-quality polyurethane spray foam insulation. SES proprietary open and closed cell wall foam products are currently used by a select number of authorized insulation contractors in various regions of the U.S. The company also produces and markets roofing foam. SES Foam was formed in 2010 and is headquartered in Spring, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-14 Network Coverage

Danvers, Massachusetts, United States

Network Coverage is a cloud-focused managed service provider (“MSP”) delivering comprehensive technology solutions that align IT needs with business outcomes. The Company has amassed a loyal client base who view Network Coverage as a trusted advisor to manage their entire IT environment leveraging modernized and secure solutions across business functions. In all solutions, it acts as a strategic partner to clients, positioning IT as a critical growth center, rather than a complex cost center. Network Coverage was formed in 1996 and is based in Danvers, Massachusetts.

Buy -

Seller(S) 1

SELLER
DESCRIPTION

Tenex Capital Management is a private investment group focused on acquiring control positions in profitable North American companies with $3 to $40 million of EBITDA. The Firm does not have any sector preferences and looks to commit up to $125 million per transaction. Tenex Capital Management was formed in 1999 and is based in New York City.


DEAL STATS #
Overall 21 of 23
Sector (Manufacturing) 3 of 3
Type (Recapitalization) 2 of 3
State (New Mexico) 1 of 1
Country (United States) 21 of 23
Year (2022) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-02 SES Foam

Spring, Texas, United States

SES Foam is a manufacturer and marketer of high-quality polyurethane spray foam insulation. SES proprietary open and closed cell wall foam products are currently used by a select number of authorized insulation contractors in various regions of the U.S. The company also produces and markets roofing foam. SES Foam was formed in 2010 and is headquartered in Spring, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-14 Network Coverage

Danvers, Massachusetts, United States

Network Coverage is a cloud-focused managed service provider (“MSP”) delivering comprehensive technology solutions that align IT needs with business outcomes. The Company has amassed a loyal client base who view Network Coverage as a trusted advisor to manage their entire IT environment leveraging modernized and secure solutions across business functions. In all solutions, it acts as a strategic partner to clients, positioning IT as a critical growth center, rather than a complex cost center. Network Coverage was formed in 1996 and is based in Danvers, Massachusetts.

Buy -