Tenex Exits Empire Auto Parts

New York, NY – November 22, 2021 – Tenex Capital Partners II, L.P. (“Fund II”) is pleased to announce the sale of its portfolio company Empire Auto Parts (“Empire”).

Empire is a distributor of automotive parts to collision repair centers across the eastern U.S. and operates five distribution hubs and 22 satellite delivery locations across 16 contiguous states from Maine to Georgia. With a vast assortment of top-quality products and a fleet of vehicles providing same-day or next-day delivery, Empire’s product offering covers more than 40,000 parts, including bumper covers, lamps, hoods, fenders, trunk lids, grills, bezels, door mirrors, and other products.

Empire CEO Christopher Siebert said, “Tenex was instrumental in helping Empire triple our business over an approximately three-year period that included many new milestones for the company. We scaled our geographic footprint and implemented new software integrations that not only allowed us to better serve our existing customers, but also to address the needs of customers who we were not previously equipped to handle. Empire has truly established itself as a best-in-class supply chain partner to the collision repair market.”

“Empire’s growth has been exceptional and a direct reflection of management’s success in implementing numerous underlying commercial and operational initiatives. In particular, Empire scaling from 16 to 27 distribution facilities via its organic greenfield strategy over the past three years has been a key enabler of the company’s growth. We are grateful for the positive and fulfilling experience with the Empire team, and we wish them further success in their new partnership,” commented Tenex Managing Director Perrin Monroe.

The sale marks Tenex’s second successful exit of an auto aftermarket investment in which Tenex had partnered with the founding family owners, since last October’s sale of Cadence Petroleum Group.

BlackArch Partners, LLC acted as financial advisor to Empire and Tenex, and Cowen Inc. served as co-advisor. The transaction was effective as of November 16, 2021.

 

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, business services, healthcare, building products, and auto aftermarket, among others. For additional information, please visit www.tenexcm.com.