New York, NY – December 11, 2012 – Tenex Capital Management (“Tenex”) today announced the completion of its acquisition of Rush Sales and its affiliates (including Overland Tank, Viper Blasting & Coating, and Western Rentals), the long-standing market leader for Hot Oil Units, Frac Water Heaters, Pressure Kill Trucks and other related products for the Oil and Gas industry. Rush Sales, is the recognized industry leader and is renowned for the safety and efficiency of its products. Due to its industry-leading service orientation and deep customer relationships, Rush Sales has experienced significant growth as Shale Oil and Gas have expanded in North America. The company was founded in 1987, and is headquartered in Odessa, TX.
“We are extremely excited to be partnering with Tenex”, said Jim Poer, Rush Sales CEO. “The financial support and operational strength provided by Tenex will enable us to efficiently expand our production capability in response to the increased demand for our products.” Poer further stated, “Our main objective during our current growth phase will be to continue to provide the highest levels of quality and safety in our products, while we also continue to provide market-leading service and product innovation”
Chad Spooner, Managing Director of Tenex Capital Management, added, “We are very excited to join with the Rush Sales family. The company and its employees have demonstrated a commitment to their customers that has impressed all of us, and we look forward to the continued impressive performance from the company.”
About Tenex Capital Management:
Tenex Capital Management, LLC (“Tenex”) is a private equity firm with $452M of committed capital that makes control investments in middle market companies. Tenex utilizes an in-house team of hybrid professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex has established a successful track record investing in diverse industries, including transportation, industrials, manufacturing, and health and business services. For more information, please www.tenexcm.com.
About Rush Sales
Rush Sales and its affiliated companies (Overland Tank, Viper Blasting & Coating, and Western Rentals), headquartered in Odessa, TX, is the industry leader in providing the highest quality and safest fluid heating, pumping and transportation equipment for the oil and gas industry. The company was founded in 1987. For more information, please visit http://www.rushsales.com/