02, Aug. 2022
Tenex Capital Management Exits SES Foam

New York, NY – August 2, 2022 – Tenex Capital Management (“Tenex”) is pleased to announce the sale of SES Foam, a leading manufacturer of spray foam insulation, to Holcim, a global leader in sustainable building solutions.

The sale marks the realization of Tenex’s SES Foam insulation portfolio, which also included an investment in US GreenFiber in 2013 and continued with its investment in SES Foam in 2016. Since Tenex’s initial investment in SES Foam, the business has expanded rapidly, with revenue increasing approximately six-fold, entirely through organic growth.

SES Foam CEO Charles Valentine commented, “Tenex was an invaluable partner for SES, providing us the resources we needed to help execute on our ambitious growth plans. The Tenex team aided SES in scaling our team, supporting critical new product launches, and vertically integrating our blending operations, which enabled SES to thrive throughout the pandemic and capture market share over the years by delivering superior products and best-in-class service to the marketplace.”

Tenex Managing Director Gabe Wood said, “We are thrilled for Charles, Adam Faber and the entire SES team for their remarkable achievements over the last six years, and we’re honored to have played a small part in this latest chapter of their incredible story. This is an exciting new phase for the company, and we are confident that SES will continue to ascend to new heights as part of Holcim.”

The transaction closed on July 29, 2022. Houlihan Lokey served as lead financial advisor to SES Foam, and Lazard served as co-advisor.

About SES Foam:

Founded in 2009 and based in Spring, TX, SES has a history of innovation with solutions like SucraSeal®, the first sucrose-based spray foam insulation to be certified by the US Department of Agriculture for its high bio-based content. SES offers superior products that improve buildings’ energy efficiency and thermal comfort, while lowering their carbon footprint. The company stands out for its value-added services to contractors, including onsite technical instruction, business consulting, branding and lead generation support. 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