M&A Deal Summary

Tenex Capital Management Acquires Oliver

On July 8, 2022, private equity firm Tenex Capital Management acquired packaging company Oliver from Pfingsten Partners and Dunsirn Partners

Acquisition Highlights
  • This is Tenex Capital Management’s 3rd transaction in the Packaging sector.
  • This is Tenex Capital Management’s 40th transaction in the United States.
  • This is Tenex Capital Management’s 1st transaction in New York.

M&A Deal Summary

Date 2022-07-08
Target Oliver
Sector Packaging
Buyer(s) Tenex Capital Management
Sellers(s) Pfingsten Partners
Dunsirn Partners
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)
Paul Hastings (Legal)

Target

Oliver

Hauppauge, New York, United States
Oliveris a manufacturer of value-added marketing collateral, packaging, and POP displays. The company is a provider of highly customized, quick turnaround marketing and packaging solutions to a diverse customer base across the health and beauty, consumer goods, financial services, building products, and specialty food and beverage end-markets. Oliver was founded in 1924 and is based in Hauppauge, New York.

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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 40 of 49
Sector (Packaging) 3 of 3
Type (Secondary Buyout) 13 of 16
State (New York) 1 of 1
Country (United States) 40 of 49
Year (2022) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Auveco

Cold Spring, Kentucky, United States

Auveco is a distributor of fasteners to the automotive body hardware aftermarket and general industrial maintenance, repair, and operations space. The Company sells to thousands of wholesale distribution customers who subsequently service hundreds of thousands of collision centers, repair shops, and dealerships located throughout North America. Auveco was founded in 1936 and is based in Cold Spring, Kentucky.

Sell -
FOLLOWING 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 -

Seller(S) 2

SELLER

Pfingsten Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION
Pfingsten's office building at 300 North LaSalle in Chicago.
Pfingsten's office building at 300 North LaSalle in Chicago.

Pfingsten Partners is a private equity firm focused on investments in niche manufacturing, distribution, and business services companies. The Firm targets platform companies headquartered in the US although add-on acquisitions can be located outside the US. Prospective companies typically have revenues of $20 to $150 million and EBITDA of $3 to $12 million. Transaction types include private companies undergoing an ownership transition, corporate divestitures, strategic add-ons, and turnarounds. Pfingsten only invests in situations allowing for control. Pfingsten will not invest in real estate, natural resources, highly regulated businesses, retail, restaurants, early-stage companies, or technology. Pfingsten Partners was formed in 1989 and is based in Chicago, Illinois.


DEAL STATS #
Overall 37 of 40
Sector (Packaging) 1 of 1
Type (Secondary Buyout) 15 of 17
State (New York) 1 of 1
Country (United States) 37 of 40
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-26 Dynapower

South Burlington, Vermont, United States

Dynapower is a designer and manufacturer of custom, high power AC and DC power supplies, energy management systems and power transformers for the mining, metal finishing, electrochemical, military and energy management end markets. Dynapower was established in 1963 and is headquartered in South Burlington, Vermont.

Sell $580M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-07 Fowler High Precision

Canton, Massachusetts, United States

Fowler High Precision is a manufacturer of an inspection, control and calibration equipment. Fowler High Precision was founded in 1946 and is based in Canton, Massachusetts.

Buy -
DESCRIPTION

Dunsirn Partners is a private equity firm focused on acquiring US-based middle-market manufacturing and value-added distribution companies. Dunsirn targets established, profitable companies with valued between $15 and $100 million. The Firm requires control and will consider corporate divestitures, secondary buyouts from private equity groups, and traditional buyouts. Dunsirn Partners was formed in 2003 and is based in Bonita Springs, Florida.


DEAL STATS #
Overall 4 of 4
Sector (Packaging) 2 of 2
Type (Secondary Buyout) 2 of 2
State (New York) 1 of 1
Country (United States) 4 of 4
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-19 Oliver

Hauppauge, New York, United States

Oliveris a manufacturer of value-added marketing collateral, packaging, and POP displays. The company is a provider of highly customized, quick turnaround marketing and packaging solutions to a diverse customer base across the health and beauty, consumer goods, financial services, building products, and specialty food and beverage end-markets. Oliver was founded in 1924 and is based in Hauppauge, New York.

Buy -