Equity-Capital Firm Acquires TENAX Stake
DOLCÈ, Italy – A major European equity-capital firm acquired majority ownership of TENAX, a leading manufacturer of treatments, abrasives and tooling for natural stone and other man-made hard surfaces.
TENAX and London-based Sun European Partners LLC announced the deal on May 31. Terms of the private transaction weren’t disclosed.
The acquisition is the second in nine months in the hard-surface industry for financial firms operating under Sun affiliation.
Established in 1956 and owned by the Bombana family, TENAX’s primary industrial and R&D operations are located near Verona, Italy. The company has established subsidiaries in the United States, Spain, Brazil, Turkey, India and China.
“The heart of the company that my father (Angelo Bombana) founded in 1956 beats with the same strength as ever: our values, our vision and our passion are more intact than ever,” said Gino Bombana, TENAX president. “This is a great opportunity to strengthen our strategic plan and to offer ever more innovative solutions, capable of satisfying the constantly evolving needs of our customers through important investments in our operations and in research & development, and to foster continuous improvement throughout the organization with the goal to always ensure the highest quality.”
Sun European Managing Director Mark Corbridge noted the would support the founding Bombana family and management to further accelerate growth through its operational expertise and a buy-and-build strategy.
“Over many years the family has built a well-known and highly respected brand operating in a highly fragmented and growing industry,” Corbridge said. “With its diversified product portfolio, they have grown the business into one of the few large and truly global players.”
“It will be a shared journey as the Bombana family retains a significant stake in the business and remains involved in the management,” Bombana added. “Your contact persons will remain the same, and our commitment and links with the business remain equally unchanged. We are excited about the future opportunities and look forward to embarking on a new and important phase in the history of TENAX.”
Filippo Emanuel, CEO of TENAX USA, the company’s Charlotte, N.C.-based operation, also noted the value in the Sun European Partnership.
“Tenax USA, the North America Branch of Tenax, has never been stronger,” Emanuel said. “With the additional support and expertise of Sun Partners, Tenax USA will continue to support our distribution network and will ever more listen to fabricators needs to help improve our ever-growing industry.”
In a news release announcing the transaction, Sun European noted that the Bombana family 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.”
Sun European Partners, LLP is a leading private investment advisory firm, focused on partnering with outstanding management teams to accelerate value creation. Since 1995, affiliates of Sun European have invested in more than 475 companies worldwide with revenues more than €40 billion across a broad range of industries and transaction structures.
Sun’s U.S. affiliate, Sun Capital Partners, also retains a significant holding in the hard-surface industry. The firm acquired Austin, Texas-based Architectural Surfaces Group (formerly Select Interior Concepts) last October in a cash-for-stock deal valued at approximately $375 million.
Sun European has extensive experience in both founder and family-owned businesses and the Italian market, with affiliates currently invested in VR Group (a global leader in glass front doors for the home appliance market) and Limonta Sport (through the investment in Sports and Leisure Group).
