New York, NY – April 4, 2024 – Tenex Capital Management (“Tenex”) is pleased to announce an investment in R.F. Fager (“Fager” or “The Company”), a distributor of plumbing, HVAC, and roofing supplies.
Founded by Richard Fager Sr. and Delroy Brosius Sr. in 1960 as a single location in Harrisburg, PA, the company has grown to seven branches and one distribution center serving predominantly contractor customers in the broader Pennsylvania and Maryland markets. Second and third generation family members Richard Fager Jr. and Bryce Fager will continue to lead the company going forward and have retained significant equity ownership following the transaction.
Fager serves as a one-stop-shop for customers’ plumbing, heating, cooling, and roofing needs. The Company offers a broad product offering of over 29,000 SKUs and same/next day turnaround and delivery times.
“For over 60 years, the Fager team has supplied trade professionals targeting the residential, commercial and industrial markets with the highest quality materials at the best value, while providing unparalleled customer service to enable our customers to get the job done right,” commented R.F. Fager Co-President Richard Fager Jr. Co-President Bryce Fager added “We are thrilled to continue the family legacy and our customer-first approach in a partnership with Tenex that will enable us to scale our geographic reach and product breadth to ensure we are well positioned for the next 60 years.”
Tenex Capital Managing Director Gabe Wood remarked, “The investment in Fager represents a compelling opportunity for Tenex to partner with a regional market-leading family owned and operated business that was seeking a partner to help execute its next chapter of growth. Dick, Bryce, and the entire Fager team have established R.F. Fager as a go-to supplier in the region with a strong branch network, unwavering customer service, technical expertise, and a solutions-oriented culture that is critical to customers placing high volumes of repeat orders.” Tenex Managing Director Ron Lejman added, “We are excited to work alongside the Fager family to build upon their history of above-market growth and support the team with resources to continue expanding their coverage area and product offerings, ensuring a best-in-class customer experience.”
The transaction closed on March 4, 2024. Boxwood Partners served as financial advisor to the Company.