New York, New York – June 10, 2015 – Tenex companies Carlson Southern, US GreenFiber, and Techniks Industries have each recently completed strategic add-on acquisitions of Kentec, Thermo-Cell, and Drake respectively. All three of these acquisitions significantly improve the ability of each company to serve their markets and customers, while at the same time enhancing the operating leverage of each enterprise.
Carlson Systems Holdings and Southern Fastening Systems (jointly “Carlson Southern”), a national fastener and fastening systems distributor, have acquired Kentec, a leading Georgia-based distributor of power-driven fasteners and pneumatic power tools used in the residential construction and general industrial manufacturing end-markets. Carlson Southern currently serves customers in 34 states out of 136 locations. The addition of Kentec’s 9 branches in Georgia, Alabama, Tennessee, and Florida strengthens the combined organization’s Southeastern sales and service capabilities and enhances the combined entity’s ability to serve the most recognized participants in the construction and industrial end-markets.
Techniks Industries, a leading designer, manufacturer, distributor, and servicer of industrial cutting tools, tool holders, and accessories, has acquired Drake Corporation. Drake specializes in the custom design, manufacture, and service / reconditioning of carbide and diamond tools in and around the greater Indiana and Missouri territories. Operating out of two manufacturing and service locations, Drake adds scale and density to Techniks’ existing Midwest operations thereby allowing the combined organization to better serve its core metal and woodworking customers.
Finally, US GreenFiber, the leading U.S. manufacturer of cellulose insulation used to insulate, fire-proof, and sound retard attics, floors, and walls within residential new construction and re-insulation applications, has acquired Thermo-Cell, a leading provider of cellulose insulation and cellulose-based mulch in Eastern Canada. The acquisition will not only allow GreenFiber to aggressively pursue growth opportunities in Canada, but also to better serve existing customers in northern New England and Canada from Thermo-Cell’s two facilities, which are in closer proximity to current customers.
“A core component of the Tenex approach is to generate investment returns through enhancing operating leverage of our platform businesses by scaling operations through strategic and synergistic add-on acquisitions,” said Michael Green, CEO of Tenex Capital Management. “We are pleased to report that this spring has been particularly productive in this regard.”
Tenex is a private equity firm with over $450 million 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 within its portfolio companies. Tenex is based in New York City. For additional information, please visit www.tenexcm.com.
About Carlson Southern
Carlson Southern, now merged, is a national distributor of power-driven fasteners, packaging supplies, and specialty tools for the residential construction and general industrial manufacturing end-markets. In addition to distributing supplies and equipment, the combined company provides value-add services such as equipment repair and maintenance, category management, and vendor managed inventory. Carlson Southern serves customers in 34 states and 136 locations, sourcing more than 20,000 SKUs from over 500 suppliers across North America, Europe, and Asia. For additional information, please visitwww.carlsonsystems.com and www.southernfasteners.com.
Headquartered in Snellville, Georgia, Kentec is a leading distributor of commercial and industrial quality tools, pneumatic nailing and stapling systems, foam insulation, adhesives, and MRO products. With its 89,000 square foot distribution center and nine branch locations throughout the Southeast, Kentec operates through four divisions: retail, industrial, dealer, and tool repair services. The company’s product portfolio consists of both third-party brands and its private label offerings. For more information on Kentec, please visitwww.kentec.com.
About US GreenFiber
Established in 2000 and headquartered in Charlotte, North Carolina, GreenFiber is the largest manufacturer of cellulose fiber insulation, fire, and sound products, all made with a minimum of 85% recycled paper fibers. With 7 manufacturing plants located throughout the United States, GreenFiber products are sold to building supply retailers, manufactured housing builders and insulation contractors in the U.S. and Canada. GreenFiber products are also sold through a national sales force to residential and commercial contractors as well as to the do-it-yourself and contractor customer. For more information on GreenFiber, please visit www.greenfiber.com.
Thermo-Cell Industries Limited is a leading Canadian manufacturer of eco-friendly thermal and acoustical cellulose insulation, specialty fibres, and hydroseeding mulch, with facilities located in Vars, Ontario and Debert, Nova Scotia. Thermo-Cell products are actively marketed under the “Weathershield”, “Celumulch”, and “Pro-Cell” trademarks throughout Ontario, Quebec, Atlantic Canada, and Northeastern US. For more information on Thermo-Cell, please visit www.thermocell.com.
About Techniks Industries
Techniks Industries is a fast-growing, energetic company focused on providing high-quality cutting tool solutions that meet the needs of its metalworking and woodworking customers. Techniks provides leading edge productivity to its customers through best-in-class innovation, service and solutions that deliver superior performance. The combined resources of powerhouse companies including Techniks, NAP Gladu, and BC Saw (subsequently absorbed by NAP Gladu) provides its customers with access to the very finest in innovative engineering and manufacturing, as well as the industry’s premier service network. For additional information, please visit www.techniksindustries.com.
About Drake Corporation
Drake Corporation, headquartered in St. Louis, Missouri, specializes in the custom design, the custom manufacture, and service / reconditioning of carbide tipped brazed, inserted, and PCD diamond tipped cutting tools. The company provides cutting tools and reconditioning services to the cooperage, furniture, cabinet making, and primary wood industries through its two manufacturing and service locations in Imperial, MO and Huntingburg IN. For additional information, please visit www.drakecorporation.com.