Sun Capital Partners Inc has acquired Verona, Italy-based Tenax, a maker of chemical products, abrasives and tooling for the treatment of natural stone, engineered stone and ceramic tiles. The seller is the Bombana family. No financial terms were disclosed.
BOCA RATON, Fla. & VERONA, Italy–(BUSINESS WIRE)–Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that an affiliate has completed the acquisition of Verona, Italy-based TENAX, a world-leading manufacturer of chemical products, abrasives and tooling for the treatment of natural stone, engineered stone and ceramic tiles. Terms of the private transaction were not disclosed.
Established in 1956, TENAX’s primary industrial and R&D operations are located near Verona, Italy, with subsidiaries in the United States, Spain, Brazil, Turkey, India and China. TENAX operates in a highly-fragmented market and is the global leader in its core markets, with a broad portfolio of products and an internationally-recognized brand.
The Sun Capital affiliate acquired a controlling stake in TENAX from the Bombana family who are reinvesting part of their proceeds from the sale.
“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, 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.”
To celebrate this important achievement, the Bombana family has decided to award an extraordinary bonus to its 220+ employees worldwide, who have supported TENAX’s growth over the years, demonstrating a strong devotion to the brand and the territory in which the group operates, as well as great commitment to their work.
“I am pleased to welcome Sun Capital to the TENAX family,” said Gino Bombana, President of TENAX. “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. 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.”
Sun Capital has extensive experience in founder and family-owned businesses, as well as the Italian market, where it is currently invested in VR Group (a global leader in glass front doors for the home appliance market) and Limonta Sport (through an investment in Sports and Leisure Group). In addition, an affiliate of Sun Capital recently acquired Architectural Surfaces Group (“ASG”), a leading U.S. importer and distributor of natural stone, engineered stone and tile slabs for residential and commercial applications.
TENAX was assisted by Clearwater International (M&A Advisor), LAWP (Legal & Tax Advisor), EY (Vendor Due Diligence Advisor).
Sun Capital was assisted by UniCredit (M&A Advisor), Giliberti Triscornia e Associati (Legal Advisor), EY Parthenon (Commercial Due Diligence Advisor), PwC (Financial & Tax Due Diligence Advisor), and ERM (Environmental Due Diligence Advisor).
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on partnering with outstanding management teams to accelerate value creation. Since 1995, Sun Capital has invested in more than 475 companies worldwide with revenues in excess of $50 billion across a broad range of industries and transaction structures. The firm has built a reputation as a trusted partner, recognized for its operational experience. Sun Capital focuses on defensible businesses in growing markets with tangible performance improvement opportunities in the Business Services, Consumer, Healthcare, Industrial, and Technology sectors. The firm has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.
For more information, please visit www.suncappart.com.