New York, NY – October 7, 2022 – Tenex Capital Management (“Tenex”) is pleased to announce a partial realization of its investment in Unirac Inc. (“Unirac”) through a growth capital investment from Greenbelt Capital Partners (“Greenbelt”), a private equity firm with extensive experience across the evolving energy sector. Going forward, Tenex and the Unirac management team will retain a significant ownership stake in the business.
Unirac is North America’s leading fully integrated solar mounting and solutions provider. The company provides comprehensive solar solutions for residential, commercial, and industrial markets. Value added services include proposals, design, permitting, engineering services, installation training, and marketing and sales support.
“The growth investment from Greenbelt is an important milestone in validating Unirac’s strategic transformation. Under our partnership with Tenex, the company has evolved from a narrow product-oriented business into an end-to-end solar solutions provider. This exciting new partnership and chapter under the joint stewardship of Tenex and Greenbelt will enable Unirac to continue to build upon our unparalleled customer experience and best-in-class solar solutions offerings,” commented Unirac’s CEO, Peter Lorenz.
Varun Bedi, Managing Director at Tenex, commented, “We are incredibly proud of the team at Unirac for their agile approach, disciplined execution, and engaging culture that has helped form one of the most efficient and customer-friendly operations in the solar value chain.” Tenex Managing Director, Gabe Wood added, “Primarily through organic growth, Unirac has expanded nearly four-fold during the past six years – we are excited to bring in additional capital and resources to help the Unirac team further thrive in a dynamic and attractive industry.”
The transaction closed on September 30, 2022. Cowen served as lead financial advisor to Unirac, and Lazard served as co-advisor.
Unirac is North America’s leading manufacturer of solar PV mounting systems, roof attachments, roof flashings, and accessories. With more than 22 years of customer service, Unirac has over 8GW of experience and more than 1,000,000 installations worth of knowledge; partnering with Unirac leverages experience that makes a difference. For additional information, please visit www.unirac.com.
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 diversified industrials, business and tech-enabled services, and healthcare. For additional information, please visit www.tenexcm.com.