M&A Deal Summary

Tenex Capital Management Acquires BeneSys

On October 5, 2018, private equity firm Tenex Capital Management acquired insurance company BeneSys from The Riverside Company

Acquisition Highlights
  • This is Tenex Capital Management’s 1st transaction in the Insurance sector.
  • This is Tenex Capital Management’s 27th transaction in the United States.
  • This is Tenex Capital Management’s 2nd transaction in Michigan.

M&A Deal Summary

Date 2018-10-05
Target BeneSys
Sector Insurance
Buyer(s) Tenex Capital Management
Sellers(s) The Riverside Company
Deal Type Secondary Buyout

Target

BeneSys

Troy, Michigan, United States
BeneSys is a provider of third-party administration (TPA) services for employee healthcare and pension benefit programs for Taft-Hartley multiemployer plans. BeneSys was founded in 1979 and is based in Troy, Michigan.

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Buyer(S) 1

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 27 of 49
Sector (Insurance) 1 of 1
Type (Secondary Buyout) 10 of 16
State (Michigan) 2 of 4
Country (United States) 27 of 49
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-01 Smile Design Dentistry

Tampa, Florida, United States

Smile Design Dentistry is a dental service organization with 46 clinics operating across Central Florida, serving 13 counties, primarily in the Tampa and Orlando areas but stretching as far north as Gainesville and as far south as Cape Coral. Smile Design Dentistry was founded in 2000 and is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-09 BMG

Beaverton, Michigan, United States

BMG is a provider of turnkey thermoforming and packaging systems for the food & beverage market. BMG offers a broad portfolio of highly-engineered thermoforming and automation equipment, in addition to best-in-class tooling and a comprehensive offering of post-sale parts, service and support. BMG was founded in 1952 and is based in Beaverton, Michigan.

Sell -

Seller(S) 1

SELLER

The Riverside Company

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 142 of 191
Sector (Insurance) 2 of 2
Type (Secondary Buyout) 56 of 77
State (Michigan) 2 of 6
Country (United States) 101 of 133
Year (2018) 13 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-04 Global Orthopaedic Technology Pty

Baulkham Hills, Australia

Global Orthopaedic Technology Pty Ltd. is the largest Australian-owned orthopaedic implant designer and manufacturer. Our mission is to engage with Australia’s finest surgeons, developing new and innovative products and solutions that meet the needs of both the surgeons and their patients.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-08 Keymile International

Brunn am Gebirge, Austria

Keymile International GmbH is a global leading supplier and manufacturer of network components with integrated network, which serve to ensure the connectivity between traditional copper landlines installed in the houses and offices of the final customers (e. g. xDSL) and the optical fibre network of network operators (the so-called “backbone”). Due to the increased bandwidth the products of the company facilitate the bundled supply of television, (IP-)telephony as well as broadband internet services – so-called “triple-play” services – by telecommunications companies.

Sell -