Tenex Capital Management Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Tenex Capital Management has acquired 7 companies. It has also invested in 5 others.

Tenex Capital Management’s most common sectors for investment aremanufacturing (12%) and distribution (10%) . The Firm’s most common investment types include growth capital (36%) and secondary buyout (34%). In total, Tenex Capital Management has invested in 18 US states.

In the last 3 years, Tenex Capital Management has exited 13 companies. The Firm’s most common exit type is secondary buyout (37%). Tenex Capital Management’s largest (disclosed) exit occurred in 2021 when it sold Custom Molded Products for $245M.

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M&A Summary

  • M&A Total Activity62
    • M&A Buy Activity40
    • M&A Sell Activity22
  • Total Sectors Invested 20
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 19
  • M&A Advisors 7

Tenex Capital Management

60 E 42 St. Suite 5230,
New York, New York 10165
United States
(212) 457-1138
www.tenexcm.com

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.


Investment Criteria

Sectors of Interest: Building Materials, Distribution, Healthcare Services, Machinery, Manufacturing, Packaging, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Secondary Buyout, Add-on Acquisition

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 3 40
Investment Size 25 125
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (3.2/yr) # 24 5 3 4 3 1 40
Sell (2.6/yr) # 9 - 3 4 6 - 22
vol $245M $127M $372M
  62

Most Recent M&A

Company Date Value Type
Minuteman Security Technologies, Inc. 2023-08-09 - Secondary Buyout
Andover, Massachusetts · www.minutemanst.com
Rose Paving LLC 2022-11-22 - Secondary Buyout
Bridgeview, Illinois · www.rosepaving.com
Ohio Medical Corp. 2022-10-17 127M USD Trade Sale
Gurnee, Illinois · www.ohiomedical.com
Network Coverage, Inc. 2022-10-14 - Growth Capital
Danvers, Massachusetts · www.netcov.com
Unirac, Inc. 2022-10-06 - Recapitalization
Albuquerque, New Mexico · www.unirac.com
SES Foam LLC 2022-08-02 - Trade Sale
Spring, Texas · www.sesfoam.com
Oliver, Inc. 2022-07-08 - Secondary Buyout
Twinsburg, Ohio · www.oliverinc.com
Auto Vehicle Parts LLC 2022-05-09 - Secondary Sale
Cold Spring, Kentucky · www.auveco.com
Arnold Transportation Services,Inc. 2022-02-01 - Trade Sale
Jacksonville, Florida · www.arnoldtrans.com
US GreenFiber LLC 2022-01-11 - Trade Sale
Charlotte, North Carolina · www.greenfiber.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Compass Health Brands 2013-07-19 Garden City Medical, Inc. (dba PMI and Pinnacle Medsource) 2016-09-30 6
Middleburg Heights, Ohio · www.compasshealthbrands.com Elyria, Ohio
Compass Health Brands 2013-07-19 ENDEVR - STRENGTHTAPE Brand & Assets 2016-04-25 5
Middleburg Heights, Ohio · www.compasshealthbrands.com Saint George, Utah
Compass Health Brands 2013-07-19 Carex Health Brands, Inc. 2014-03-27 4
Middleburg Heights, Ohio · www.compasshealthbrands.com Sioux Falls, South Dakota · www.carex.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 2 (10%) - 5 (12%) -
Distribution - - 4 (10%) -
Staffing 2 (10%) - 4 (10%) -
Building Materials - - 3 (7%) -
Business Services 2 (10%) - 3 (7%) -
Machinery - - 3 (7%) -
Packaging 2 (10%) - 3 (7%) -
Healthcare Services 2 (10%) - 2 (5%) -
Marketing 2 (10%) - 2 (5%) -
Medical Products 1 (5%) - 2 (5%) -
Transportation - - 2 (5%) -
Aerospace 1 (5%) - 1 (2%) -
Automotive - - 1 (2%) -
Construction 1 (5%) - 1 (2%) -
Consumer Products 1 (5%) - 1 (2%) -
Food 1 (5%) - 1 (2%) -
Information Technology 1 (5%) - 1 (2%) -
Insurance 1 (5%) - 1 (2%) -
Plastics - - 1 (2%) -
Safety/Security 1 (5%) - 1 (2%) -
Total 20 - 42 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (100%) - 42 (100%) -
  Florida 2 (10%) - 5 (12%) -
  Massachusetts 4 (20%) - 4 (10%) -
  Illinois 3 (15%) - 4 (10%) -
  Texas 2 (10%) - 4 (10%) -
  Michigan 2 (10%) - 3 (7%) -
  Pennsylvania 1 (5%) - 3 (7%) -
  Nebraska - - 3 (7%) -
  Ohio 2 (10%) - 2 (5%) -
  New Mexico 1 (5%) - 2 (5%) -
  Georgia 1 (5%) - 2 (5%) -
  North Carolina - - 2 (5%) -
  Indiana - - 2 (5%) -
  Colorado 1 (5%) - 1 (2%) -
  Arizona 1 (5%) - 1 (2%) -
  Tennessee - - 1 (2%) -
  Oklahoma - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Kentucky - - 1 (2%) -
Total 20 - 42 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 11 (55%) - 15 (36%) -
Secondary Buyout 7 (35%) - 14 (33%) -
Divestiture - - 5 (12%) -
Buyout (LBO, MBO, MBI) - - 4 (10%) -
Recapitalization 2 (10%) - 3 (7%) -
Consolidation - - 1 (2%) -
Total 20 - 42 -

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (36%) -
Trade Sale 5 (23%) -
Trade Sale - Public Company 3 (14%) 372M (100%)
Merger 2 (9%) -
Recapitalization 2 (9%) -
Unknown 2 (9%) -
Total 22 $372M

Top M&A Advisors

Financial Deals
Lincoln International
 2
William Blair
 1
Lazard Ltd.
 1
Legal Deals
Willkie Farr & Gallagher
 2
Troutman Pepper Hamilton Sanders
 1

Deal Values

sell # Total
$100M to $1B 2 $372M
TOTAL $372M
Largest Custom Molded Products LLC
$245M (2021-03-10)

M&A Connections

Deals
Acquired from
Investor(s)
38%
16 (38%)
Strategic(s)
12%
5 (12%)
Exited to
Investor(s)
45%
10 (45%)
Strategic(s)
32%
7 (32%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

1.2B USD

Established

1999

Specialist/Generalist

Generalist

Leadership

Michael Green

Co-founder, CEO & Managing Director, Operations

Varun Bedi

Managing Director, Investments

Ben Kramer

CFO & CCO

Gabe Wood

Managing Director

Ron Lejman

Managing Director

FAQ

When was Tenex Capital Management founded?

Tenex Capital Management was founded in 1999.

What type of investor is Tenex Capital Management?

Tenex Capital Management is a private equity firm.

Where is Tenex Capital Management headquartered?

Tenex Capital Management is headquartered in New York, New York.

How much capital does Tenex Capital Management have under management?

Tenex Capital Management has 1.2B USD under management.

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