20, Dec. 2023
Tenex Capital Management Completes Sale of Online Labels Group

New York, NY – December 20, 2023 – Tenex Capital Management (“Tenex”) is pleased to announce the sale of Online Labels Group (“OLG” or the “Company”), a converter of blank and custom printed pressure sensitive labels, shrink sleeve, and flexible packaging solutions.

The Company has established itself as a key player in its markets, serving a vast and diverse range of small and medium size business customers through its direct sales team and innovative digital ecommerce channels. The Company's extensive operations are supported by a dedicated team of employees across its five US manufacturing facilities located in Florida, Pennsylvania, Missouri and Nevada. 

OLG’s CEO, Dave Carmany commented, “Before we partnered with Tenex, we operated as two standalone businesses – ‘Consolidated Label’ and ‘Online Labels’ – with distinct leadership teams, go-to-market strategies, and production processes.  With Tenex’s support, we successfully merged operations into a single cohesive business with a single set of priorities capable to taking on more complex and impactful value-enhancing growth initiatives.”  OLG’s President, Joel Carmany added, “Together with Tenex, we’ve accomplished a tremendous amount of change over a short period of time that has not only led to accelerated topline growth, but has positioned OLG for unique scale potential going forward.” 

“Our partnership with Dave, Joel, and the OLG leadership team has been highly rewarding and impactful – we’re proud of the business we’ve helped to build and the continued success we’ve positioned OLG to capitalize on.” Tenex Managing Director Perrin Monroe remarked.  Tenex Managing Director Ron Lejman added, “The business has scaled significantly under our partnership; together with the management team, we have transformed the previously family-operated businesses through the implementation of numerous operational initiatives, organic growth investments, and an add-on acquisition.”

The transaction closed on December 19, 2023. Baird served as lead financial advisor to the Company and Boxwood Partners served as co-advisor.

About Online Labels Group:

Online Labels Group represents a dynamic union of leading label industry players, bringing together Online Labels, a premier e-commerce label company, with Consolidated Label and Bay Tech Label. This award-winning consortium provides pressure-sensitive labels, shrink sleeves, and flexible packaging solutions. Known for its speed, quality, and long-term customer relationships, Online Labels Group is a one-stop shop for businesses of all sizes, from enterprise-scale to micro and emerging businesses. OLG's state-of-the-art operations include its corporate headquarters in Sanford, Florida and manufacturing facilities in Pennsylvania, Nevada, Missouri, and Florida. To learn more about OLG, visit

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