Sun Capital Partners has acquired TENAX, a manufacturer and distributor of chemical products, abrasives, and tooling used to treat natural stone, engineered stone, and ceramic tiles.
Specific products of TENAX include adhesives and glues; varnishes and waxes; polishing powders; abrasives and brushes; cutting tools; stone dyes, cleaners, and stain removers. Customers of TENAX – located in more than 100 counties – are active in the garden and do-it-yourself, construction, engineering, industrial and agricultural sectors.
TENAX, led by President Gino Bombana, was founded in 1956 and is headquartered 75 miles west of Venice in Verona, Italy with additional operations in the United States, Spain, Brazil, Turkey, India and China.
“Since TENAX was founded by my father in 1956, the business has grown significantly, and I am now proud to partner with Sun Capital to continue the family legacy and support the future growth of the business,” said Mr. Bombana. “While the business was born in Verona, an area with a strong heritage in natural stone production, it is today an internationally recognized brand with an international footprint. I believe that our management team, with the support and resources that Sun Capital can provide, will enable TENAX to strengthen and expand its market position and further leverage our leading ‘blue-chip’ brand.”
“We are excited to apply our experience investing in the building products sector, executing buy-and-build strategies, and in partnering with founders like the Bombana family to support TENAX at this exciting juncture in its growth,” said Marc Leder, a co-CEO of Sun Capital. “Over many years the Bombanas have built TENAX into a large and truly global player, and we see significant opportunity for the Company to continue that trajectory, both through strategic acquisitions to penetrate new markets and driving organic growth to increase overall presence and add market share.”
Sun Capital invests in leveraged buyouts, equity, and debt in companies that can benefit from its in-house operating professionals and experience. The firm has invested in and managed more than 475 companies worldwide with combined sales in excess of $50 billion since its inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and an affiliate office in London.
Clearwater International was the financial advisor to TENAX on this transaction and Sun Capital was advised by UniCredit.
© 2022 Private Equity Professional | June 15, 2022
