M&A Deal Summary

Greenbelt Capital Partners, Tenex Capital Management and Trilantic North America Acquire Unirac

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

Acquisition Highlights
  • This is Greenbelt Capital Partners’ 1st, Tenex Capital Management’s 5th and Trilantic North America’s 2nd transaction in the Manufacturing sector.
  • This is Greenbelt Capital Partners’ 9th, Tenex Capital Management’s 42nd and Trilantic North America’s 51st transaction in the United States.
  • This is Greenbelt Capital Partners’ 1st, Tenex Capital Management’s 2nd and Trilantic North America’s 1st transaction in New Mexico.

M&A Deal Summary

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

Target

Unirac

Albuquerque, New Mexico, United States
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) 3

Buyer
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

Tenex Capital Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
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 42 of 49
Sector (Manufacturing) 5 of 5
Type (Recapitalization) 3 of 3
State (New Mexico) 2 of 2
Country (United States) 42 of 49
Year (2022) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Perennial Services Group

United States

Perennial Services Group primarily offers high-end residential home services including landscaping, lawn care, plant healthcare, and pest control.

Buy -
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 -
Buyer

Trilantic North America

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2009
PE ASSETS 9.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trilantic North America is a mega-sized private equity firm focused on opportunities throughout North America. Trilantic generally invests in large businesses with 'strong market positions, unique franchises, secure and growing market niches or distinctive products and services that command premium prices'. Sectors of interest include business services, consumer, energy, and financial services. The Firm's target investment size is $50 to $300 million in companies valued up to $1 billion. Transaction situations of interest include management buyouts, recapitalizations, growth capital financings, divestitures, new platforms, and generational transfers. Trilantic North America was formed in 2009 through the spin-off of Lehman Brothers' private equity business. The Firm is based in New York City.


DEAL STATS #
Overall 53 of 55
Sector (Manufacturing) 2 of 2
Type (Recapitalization) 4 of 4
State (New Mexico) 1 of 1
Country (United States) 51 of 53
Year (2022) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-03 TSC Miami

Miami Gardens, Florida, United States

TSC Miami is a tech-enabled digital and screen printing and fulfillment platform for apparel and accessories selling into ecommerce, retail and creator end markets. TSC Miami was founded in 2001 and is based in Miami Gardens, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-17 Teton Waters Ranch

Denver, Colorado, United States

Teton Waters Ranch produces a line of sausages, frankfurters, and chili. All products are made with 100% grass-fed beef. Teton Waters Ranch is based in Denver, Colorado.

Sell -

Seller(S) 1

SELLER

Tenex Capital Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
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 22 of 24
Sector (Manufacturing) 3 of 3
Type (Recapitalization) 2 of 3
State (New Mexico) 1 of 1
Country (United States) 22 of 24
Year (2022) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Perennial Services Group

United States

Perennial Services Group primarily offers high-end residential home services including landscaping, lawn care, plant healthcare, and pest control.

Buy -
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 -