New York, New York – November 13, 2015 – Tenex is pleased to announce the completion of two recent add-on acquisitions via two existing portfolio companies. On September 25th, US GreenFiber closed the acquisition of Central Fiber Insulation, a carveout of the environmentally-friendly cellulose insulation division of Central Fiber LLC; and on October 29th, SouthernCarlson closed the acquisition of Duo-Fast Carolinas, a North Carolina-based and family owned distributor of power-driven fasteners and pneumatic power tools used in the residential construction and general industrial manufacturing end-markets.
The acquisition of Central Fiber represents the fifth add-on acquisition US GreenFiber has completed during Tenex’s less than two years of ownership. As the largest domestic market participant, and the only company with national sales and distribution, US GreenFiber believes the acquisition of Central Fiber will further establish the company’s scale and market presence.
The acquisition of Duo-Fast Carolinas represents the fourth company Tenex has aggregated into what is now SouthernCarlson, a company Tenex formed in November 2014 through the merger of Carlson Systems and Southern Fastening Systems, two similarly sized national distributors of power-driven fasteners, specialty tools, and packaging supplies. The combined company’s new brand was announced last week at the 39th annual Specialty Tools & Fasteners Distributors Association (“STAFDA”) show.
About Tenex
Tenex Capital Management is a private equity fund that invests in middle-market companies. Tenex utilizes 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 established a successful track record investing in diverse industries, including industrials, manufacturing, and health and business services. For additional information, please visit www.tenexcm.com.
About US GreenFiber
Established in 2000 and headquartered in Charlotte, N.C., GreenFiber is the largest manufacturer of cellulose fiber insulation, fire and sound products, all made with a minimum of 85% recycled paper fibers. With 8 manufacturing plants located in the United States and 2 manufacturing plants located in Canada, GreenFiber products are sold to building supply retailers, manufactured housing builders and insulation contractors in the U.S. and Canada. GreenFiber products are also sold through a national sales force to residential and commercial contractors as well as to the do-it-yourself and contractor customer. For additional information, please visit www.greenfiber.com.
About Central Fiber Insulation
Founded in 1986, Central Fiber® is proud to be a leader in cellulose fiber technology. Since the company was founded, Central Fiber® has been developing cellulose fibers for new applications and emerging market needs, as well as improving and upgrading cellulose fibers to meet more rigorous industry standards and changing market demands. For additional information, please visit www.centralfiber.com.
About SouthernCarlson
SouthernCarlson operates more than 150 fastening, packaging and service centers in local cities and towns across 34 of the United States and Mexico. With corporate offices in Muscle Shoals, Alabama, and Omaha, Nebraska, and backed by nearly 900 employees across the country, SouthernCarlson takes pride in providing tools, building materials and packaging supplies & equipment to building professionals and manufacturers with a level of personal service that is second to none. For additional information, please visit www.southerncarlson.com.
About Duo-Fast Carolinas
Duo-Fast Carolinas is a distributor of power-driven fasteners and pneumatic power tools used in the residential construction and general industrial manufacturing end-markets. The company operates a 10 store footprint within South Carolina, North Carolina, and Virginia. For additional information, please visit www.dfcrva.com.