NEW YORK, NY (August 4, 2011) – Tenex Capital Management, LLC (“Tenex”) announced today that it has successfully closed Tenex Capital Partners, L.P., a $452 million private equity fund that makes control equity investments in middle market companies experiencing significant change in their markets, operations, or capital structure. Tenex’s fund exceeded the firm’s $400 million fundraising target, as well as the fund’s “hard cap” of $425 million.
“We are extremely pleased to have such a prominent and high quality group of limited partners committed to the fund and we are delighted with their support,” said Michael Green, CEO and Managing Director of Tenex. “The Tenex investment philosophy, coupled with the current state of markets in North America, present a significant opportunity for us to provide capital appreciation to our partners for years to come.”
The fund’s limited partners are comprised of investors from leading public and private sector pension funds, endowments and foundations, family offices, financial institutions and insurance companies.
Tenex was founded by Michael Green, Varun Bedi, JP Bretl, Joe Cottone, and Chad Spooner. The team possesses a blend of capital markets transaction experience and operational enhancement experience, which enables Tenex to execute quickly on a variety of complex situations including corporate divestitures, operationally intensive transitions, and in-court and out-of-court proceedings.
The firm targets companies with $75 to $300 million in annual revenues in the transportation, industrials, manufacturing, telecommunications, and health and business services sectors. With a staff of 15 professionals and a focus on using operating leverage to drive value creation, Tenex works with management teams to enhance performance and profitability.
Tenex was supported in its efforts by Atlantic-Pacific Capital, who served as the placement agent and by Debevoise and Plimpton LLP, who served as legal counsel. “The teams at Debevoise and Atlantic-Pacific were instrumental in the advice, guidance, and support they provided throughout this successful fund raise,” said Chad Spooner, CFO and Managing Director of Tenex.
Tenex Capital Management is a private equity fund that makes control equity investments in middle market companies experiencing significant change in their markets, operations, or capital structure. 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’s deep operating experience allows the firm to collaborate with management teams to create solutions to business, customer, and market challenges as well as situations brought on by capital limitations. Tenex avoids excessive leverage, relying on operational improvements to generate its investment returns. Tenex has established a successful track record investing in diverse industries, including transportation, industrials, manufacturing, telecommunications, and health and business services. For more information, please visit www.tenexcm.com.