Tenex Capital Management has made an undisclosed investment in Pugh Lubricants. Stephens Inc provided financial advice to Pugh on the transaction. Based in Asheboro, North Carolina, Pugh is a lubricant distributor that serves the automotive, commercial and industrial markets.
ASHEBORO, N.C., Nov. 22, 2016 /PRNewswire/ — Pugh Lubricants (“Pugh”) is pleased to announce an investment from Tenex Capital Management.
Pugh is one of the largest lubricant distributors in the Southeast, servicing the automotive, commercial, and industrial markets from locations in Asheboro, NC; Richmond, VA; Charleston, SC; and Nashville, TN. Started in 1947, the company will continue to be managed by the third and fourth generations of company founder John Q. Pugh, Jr.
“We are very excited about this opportunity to work with Tenex and leverage their extensive financial and operating capabilities. This relationship further strengthens our position in the market and creates a foundation for future growth while allowing us to maintain our reputation for quality service earned over nearly 70 years in business,” remarked Mike Pugh, President of Pugh.
Mike Green, CEO of Tenex Capital Management commented, “We are pleased to partner with the Pugh family to support accelerated growth and expand the reach of the Pugh brand while preserving the Company’s focus on best-in-class customer service. We believe our teams bring highly complementary skills and share a common vision that will serve all customers, employees and shareholders well.”
Stephens Inc. served as financial advisor to Pugh. The transaction was effective as of November 11, 2016.
Pugh Lubricants is a distributor of nationally branded and private label finished lubricants, antifreeze, and other ancillary product lines throughout the Carolinas, Virginia, Tennessee, and portions of Georgia, Alabama, Mississippi, and Arkansas. For additional information, please visit www.pughlubricants.com.
Tenex Capital Management is a private equity firm that invests in middle-market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has established a successful track record investing in diverse industries, including industrials, manufacturing, and health and business services. For additional information, please visit www.tenexcm.com.