Tenex Capital Partners, LP (“Fund I”) is pleased to announce the completion of two add-on acquisitions by its portfolio companies.
Tenex acquired SES Foam LLC on September 8, 2016. SES was a founder owned manufacturer and marketer of high-quality polyurethane spray foam insulation for the North American residential construction industry headquartered in Houston, TX. SES proprietary open and closed cell foam products are currently used by a select number of authorized insulation contractors in various regions of the U.S.
Mike Green, CEO and Managing Director of Tenex, stated, “As building codes across the country continue to require more energy-efficient building envelopes, spray foam insulation’s technical features will provide enhanced solutions over traditional materials. SES is well-positioned to capitalize on that trend with its products and services for contractors.”
Charles Valentine, President of SES commented, “With backing from Tenex and the broad geographic footprint of our new partner GreenFiber, we will be able to more quickly deepen the level of service we already provide to our growing base of highly loyal contractors. In addition, we will be able to roll out our combination of superior products and outstanding services to a wider set of leading contractors outside of Texas and the Southeastern U.S. This is a win-win for our current and future customers.”
PMI / ProBasics:
Compass Health Brands acquired the Professional Medical Imports Division (“PMI”) and the ProBasics® brand from Invacare Corporation (NYSE: IVC) on September 30, 2016.
ProBasics, a line of durable medical equipment (DME), has long been Invacare’s value brand for home medical equipment (HME) providers that are seeking quality DME products at a price that supports today’s reimbursement environment. The product portfolio includes patient aids, respiratory therapy, sleep therapy, mobility, patient room and bath safety equipment.
“This acquisition allows Compass to achieve greater volumes and efficiencies to deliver better value to all of our customers,” said Stuart Straus, President and CEO of Compass Health Brands. “In addition, the ProBasics brand greatly enhances our ability to offer better solutions to competitive bid winners and exceed expectations of all of our customers with more choice and value.”
PMI is headquartered in Marlboro, NJ, and ProBasics is headquartered in Lawrenceville, GA, with distribution centers in Lawrenceville, GA and Bensalem, PA. This represents the third add-on acquisition completed by Compass Health Brands in 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.
Established in 2000 and headquartered in Charlotte, NC, GreenFiber is the largest manufacturer of cellulose insulation products. GreenFiber serves customers from 10 manufacturing facilities throughout the U.S. and Canada. For additional information, please visit www.greenfiber.com.
About Compass Health Brands
Compass Health Brands, a holding company, owns subsidiaries that are leaders in bath safety, durable medical equipment, health aids, medication compliance, mobility, pain management, personal care, respiratory, and sleep therapy serving both professional and consumer markets. The products are used by home care patients, the mobility challenged, senior citizens, and members of the general public. Professional brands include Roscoe Medical, InTENSity and Viverity and are sold through a professional independent dealer network. Consumer brands include Carex, AccuRelief, Apex, Bed Buddy, TheraMed and Strength Tape and are sold through drug store chains, drug wholesalers, mass merchants, and grocery retailers. For additional information, please visit www.compasshealthbrands.com.