Tenex Capital Management Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Tenex Capital Management has acquired 4 companies. It has also invested in 1 other.

Tenex Capital Management’s most common sectors for investment aremanufacturing (13%) and staffing (10%) . The Firm’s most common investment types include growth capital (35%) and secondary buyout (35%). In total, Tenex Capital Management has invested in 18 US states.

In the last 3 years, Tenex Capital Management has exited 6 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 Activity61
    • M&A Buy Activity39
    • M&A Sell Activity22
  • Total Sectors Invested 19
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 18
  • 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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.6/yr) # 31 4 3 1 - - 39
Sell (2.0/yr) # 12 4 6 - - - 22
vol $245M $127M $372M
  61

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 Add-on Acquisition
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 - Public Company
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 Buyout
Cold Spring, Kentucky · www.auveco.com
Arnold Transportation Services,Inc. 2022-02-01 - Add-on Acquisition
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 (11%) - 5 (12%) -
Distribution - - 4 (10%) -
Staffing 2 (11%) - 4 (10%) -
Building Materials - - 3 (7%) -
Business Services 2 (11%) - 3 (7%) -
Machinery - - 3 (7%) -
Packaging 2 (11%) - 3 (7%) -
Healthcare Services 2 (11%) - 2 (5%) -
Marketing 2 (11%) - 2 (5%) -
Medical Products 1 (5%) - 2 (5%) -
Transportation - - 2 (5%) -
Aerospace 1 (5%) - 1 (2%) -
Automotive - - 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 19 - 41 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (100%) - 41 (100%) -
  Florida 2 (11%) - 5 (12%) -
  Massachusetts 4 (21%) - 4 (10%) -
  Illinois 3 (16%) - 4 (10%) -
  Michigan 2 (11%) - 3 (7%) -
  Texas 1 (5%) - 3 (7%) -
  Pennsylvania 1 (5%) - 3 (7%) -
  Nebraska - - 3 (7%) -
  Ohio 2 (11%) - 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 19 - 41 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 10 (53%) - 14 (34%) -
Secondary Buyout 7 (37%) - 14 (34%) -
Divestiture - - 5 (12%) -
Buyout (LBO, MBO, MBI) - - 4 (10%) -
Recapitalization 2 (11%) - 3 (7%) -
Consolidation - - 1 (2%) -
Total 19 - 41 -

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
Duff & Phelps Corp.
 1
Fidus Partners LLC
 1
Legal Deals
Willkie Farr & Gallagher
 2
Troutman Pepper Hamilton Sanders LLP
 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)
39%
16 (39%)
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

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