10, May. 2022
Tenex Capital Management Exits Auveco

New York, NY – May 10, 2022 – Tenex Capital (“Tenex”) is pleased to announce the sale of Auveco, a master distributor of automotive aftermarket fasteners as well as general industrial fasteners used in maintenance, repair, and operations applications in North America.
Auveco was founded in 1916 in Cold Spring, KY as a manufacturer of accessories for horse drawn carriages, and the company quickly expanded into the automotive space, after which it experienced over four generations of family ownership prior to partnering with Tenex. Since Tenex’s initial investment in 2018, Auveco consolidated four formerly separately managed sister companies and completed three add-on acquisitions to scale to over 29,000 SKUs provided to its over 4,000 wholesale distribution customers.
Auveco CEO Jeff Gilkinson said, “It was a pleasure partnering with the Tenex team during Auveco’s first phase of institutional ownership. The operational support and strategic guidance from Tenex helped us build out a top tier team, roll out the company’s first dedicated sales function, execute and fully integrate add-on acquisitions, and implement powerful automation and software tools that have enhanced Auveco’s operational efficiency and customer support – all which have led to a favorable outcome to shareholders and stakeholders alike.”
Tenex Managing Director Perrin Monroe commented, “Jeff and his team hold an unwavering commitment to Auveco’s customers, employees, and supply partners that has been and will continue to be the source of Auveco’s paramount leadership in the automotive aftermarket. We are pleased to have been a part of Auveco’s first 100 years of success, and we wish the team continued triumphs in its next 100 years.”
The transaction closed on May 5, 2022, and marks the fifth full realization from Tenex Capital Partners II, L.P. (“Fund II”) since the fund began monetizing assets 19 months ago.
Auveco was advised by Lincoln International and Fifth Third and represented by Koley Jessen P.C., L.L.O.
About Auveco:
Founded in 1916 and Headquartered in Cold Spring, KY, Auveco is a leading distributor of fasteners to the automotive body hardware aftermarket and general industrial maintenance, repair and operations space. The Company sells to thousands of wholesale distribution customers who subsequently service hundreds of thousands of collision centers, repair shops, and dealerships located throughout North America. Over its more than 100-year history, Auveco has established a strong reputation for supplying a superior selection of quality products through excellent logistics and distribution capabilities. For additional information, please 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 industrials, business and tech-enabled services, healthcare, building products, and auto aftermarket, among others. For additional information, please visit