Tenex Capital Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Tenex Capital Management has acquired 6 companies. It has also invested in 5 others.

Tenex Capital Management’s most common sectors for investment are machinery (12%) and manufacturing (12%). The Firm’s most common investment types include secondary buyout (32%) and growth capital (29%). In total, Tenex Capital Management has invested in 17 US states and 2 different countries.

In the last 3 years, Tenex Capital Management has exited 4 companies. The Firm’s most common exit type is secondary buyout (46%). 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 Activity45
    • M&A Buy Activity34
    • M&A Sell Activity11
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 16
  • M&A Advisors 3

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 North American companies. The Firm does not have any sector preferences and looks to commit up to $100 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 - -
Investment Size - 100
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.4/yr) # 22 1 3 4 3 1 34
Sell (1.4/yr) # 4 3 2 - 1 1 11
vol $245M $245M
  45

Most Recent M&A

Company Date Value Type
JTM Foods LLC 2021-05-26 - Secondary Buyout
Erie, Pennsylvania · www.jjsbakery.net
Custom Molded Products LLC 2021-03-10 245M USD Add-on Acquisition
Newnan, Georgia · www.c-m-p.com
Cadence Petroleum Group 2020-10-08 - Secondary Buyout
Asheboro, North Carolina · www.cadencepetroleum.com
Consolidated Label Co. 2020-07-22 - Recapitalization
Sanford, Florida · www.consolidatedlabel.com
Online Labels LLC 2020-07-22 - Recapitalization
Sanford, Florida · www.onlinelabels.com
G2 Secure Staff 2020-01-01 - Growth Capital
Irving, Texas · www.g2securestaff.com
Orbus Exhibit & Display Group 2019-11-01 - Growth Capital
Woodridge, Illinois · www.orbus.com
Terryberry Co. LLC 2019-11-01 - Growth Capital
Grand Rapids, Michigan · www.terryberry.com
The Wolf Organization LLC 2019-09-10 - Secondary Buyout
York, Pennsylvania · www.wolfhomeproducts.com
Big Bolt Corp. 2019-08-13 - Growth Capital
Bloomingdale, Illinois · www.bigbolt.net
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
The Wolf Organization LLC 2019-09-10 CarstinBrands.com 2020-01-15 1
York, Pennsylvania · www.wolfhomeproducts.com Arthur, Illinois · www.carstinbrands.com
Compass Health Brands 2013-07-19 Garden City Medical, Inc. (dba PMI and Pinnacle Medsource) 2016-09-30 6
Middleburg Heights, Ohio · www.roscoemedical.com Elyria, Ohio
Compass Health Brands 2013-07-19 ENDEVR - STRENGTHTAPE Brand & Assets 2016-04-25 5
Middleburg Heights, Ohio · www.roscoemedical.com Saint George, Utah
Compass Health Brands 2013-07-19 Carex Health Brands, Inc. 2014-03-27 4
Middleburg Heights, Ohio · www.roscoemedical.com Sioux Falls, South Dakota · www.carex.com
Arnold Transportation Services,Inc. 2011-06-01 LinkAmerica Corp. 2012-12-06 1
Jacksonville, Florida · www.arnoldtrans.com Tulsa, Oklahoma · www.lkam.com

M&A by Sector

Sector Current # Value All-time # Value
Machinery 1 (4%) - 4 (11%) -
Manufacturing 4 (17%) - 4 (11%) -
Building Materials 3 (13%) - 3 (9%) -
Business Services 1 (4%) - 3 (9%) -
Packaging 2 (8%) - 3 (9%) -
Automotive 2 (8%) - 2 (6%) -
Distribution 1 (4%) - 2 (6%) -
Healthcare Services 2 (8%) - 2 (6%) -
Medical Products 2 (8%) - 2 (6%) -
Staffing - - 2 (6%) -
Transportation 1 (4%) - 2 (6%) -
Aerospace 1 (4%) - 1 (3%) -
Consumer Products 1 (4%) - 1 (3%) -
Food 1 (4%) - 1 (3%) -
Marketing 1 (4%) - 1 (3%) -
Plastics - - 1 (3%) -
Safety/Security 1 (4%) - 1 (3%) -
Total 24 - 35 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (96%) - 34 (97%) -
  Florida 4 (17%) - 5 (14%) -
  Texas 3 (13%) - 3 (9%) -
  Pennsylvania 3 (13%) - 3 (9%) -
  Illinois 3 (13%) - 3 (9%) -
  North Carolina 2 (8%) - 3 (9%) -
  Michigan 1 (4%) - 3 (9%) -
  Nebraska - - 3 (9%) -
  Indiana 1 (4%) - 2 (6%) -
  Ohio 1 (4%) - 1 (3%) -
  New Mexico 1 (4%) - 1 (3%) -
  New Jersey 1 (4%) - 1 (3%) -
  Massachusetts 1 (4%) - 1 (3%) -
  Kentucky 1 (4%) - 1 (3%) -
  Arizona 1 (4%) - 1 (3%) -
  Tennessee - - 1 (3%) -
  Oklahoma - - 1 (3%) -
  Georgia - - 1 (3%) -
Switzerland 1 (4%) - 1 (3%) -
Total 24 - 35 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 6 (25%) - 11 (31%) -
Growth Capital 8 (33%) - 10 (29%) -
Divestiture 5 (21%) - 5 (14%) -
Buyout (LBO, MBO, MBI) 2 (8%) - 4 (11%) -
Recapitalization 3 (13%) - 4 (11%) -
Consolidation - - 1 (3%) -
Total 24 - 35 -

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (45%) -
Merger 2 (18%) -
Trade Sale - Public Company 1 (9%) 245M (100%)
Recapitalization 1 (9%) -
Trade Sale 1 (9%) -
Unknown 1 (9%) -
Total 11 $245M

Top M&A Advisors

Financial Deals
Lincoln International
 2
Duff & Phelps Corp.
 1
Legal Deals
Pepper Hamilton LLP
 1

Deal Values

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

M&A Connections

Deals
Acquired from
Investor(s)
34%
12 (34%)
Strategic(s)
14%
5 (14%)
Exited to
Investor(s)
55%
6 (55%)
Strategic(s)
36%
4 (36%)

Investor Summary

Size

Small

Established

1999

Specialist/Generalist

Generalist

Leadership

Varun Bedi

Managing Director

Ben Kramer

CFO & CCO

Gabriel Wood

Principal

Perrin Monroe

Principal

Ryan MacIntyre

Vice President

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