New York, New York – April 20, 2016 – Tenex Capital Management is pleased to announce an investment in Hub Pen Company of Braintree, MA.
Hub Pen is the second largest designer and supplier of promotional writing instruments in the U.S. The Fleming family is in its 57th year of owning and operating Hub Pen, and the third generation of the family continues to manage the business.
“Hub Pen is excited to partner with Tenex as the first institutional capital to support the growth of our business. Together with our new sponsor, we will be better positioned to provide our associated distributors the quality products and services that have made Hub a leader for more than half a century,” remarked Hub Pen’s President Joe Fleming.
Joe Cottone, Managing Director of Tenex Capital Management commented, “We look forward to partnering with the Fleming family to take Hub Pen into its next chapter and to further cement Hub’s compelling market position. We believe our teams bring highly complementary contributions to the table that will serve all customers, employees and shareholders well.”
Shields & Company and Choate Hall & Stewart LLP served as financial advisor and legal advisor, respectively, to the seller. Sidley Austin LLP served as legal advisor to Tenex. The transaction was effective as of March 23, 2016.
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.
About Hub Pen
Boston has been described as the “Hub of the Universe” and in the Hub Pen story the same holds true. From Frank and Rita Fleming’s humble beginnings in Boston to the nearly 200 million pen annual operations of today, Hub Pen has grown to serve an ever-increasing national and international market. Owned and operated by the Fleming family since 1954, Hub Pen has won multiple awards, including ASI Distributor of the Year, PPAI Supplier Star, and Promo Marketing’s #1 supplier for Pens and Other Writing Instruments. For additional information, please visit www.hubpen.com.