New York, NY – October 5th, 2018 – Tenex Capital Management (“Tenex”) is pleased to announce a new platform investment in BeneSys, Inc. (“BeneSys”), a provider of third party administration (“TPA”) services to Taft-Hartley multi-employer trust funds.
BeneSys has provided Taft-Hartley Trust Fund Administration and I.T. services since 1979, currently serving over 180 clients representing over 430 Trust Funds across the United States with participants in almost every state of the US & Canada. BeneSys utilizes a proprietary software system, BenefitDriven, to provide clients and their plan participants with the most efficient tools for administering trust fund accounts.
BeneSys CEO Ed Wolyniec said, “BeneSys takes great pride in delivering the highest level of client service combined with industry leading technology. Our benefits administration software was developed by administrators who understand the nuances of Taft-Hartley benefit plans and are experienced and accustomed to programming and administering plans that may have unusual benefit plan parameters. We believe this partnership with Tenex will better position us to continue to execute on outstanding customer service and to build upon BeneSys’ robust infrastructure.”
“Tenex is excited to partner with BeneSys’ experienced management team as they seek to further enhance the company’s market leading value proposition in the TPA space. We have been impressed with the company’s culture of client service, and we share a common vision for the future,” commented Tenex Principal Gabe Wood.
The transaction was effective as of September 18th, 2018.
About BeneSys:
Founded in 1979, BeneSys is a leader in the third party administration services and I.T. industry, serving over 500,000 participants and their dependents. BeneSys utilizes an in house client service team and software system to provide clients and their plan participants with the most efficient tools for administering trust fund accounts. The company is headquartered in Troy, MI and operates out of 20 locations across the U.S. For additional information, please visit www.benesys.com.
About Tenex Capital Management:
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 successfully invested in a diverse range of industries, including industrials, manufacturing, automotive aftermarket, and health and business services. For additional information, please visit www.tenexcm.com.