- Family-owned, world leading producer of specialty chemicals, abrasives and tooling for natural stone, engineered stone and ceramic slabs
- Sun European will support the founding family and management to further accelerate growth through its operational expertise, buy-and-build strategy and experience in supporting founder-owned businesses
London and Dolcè (Verona), May 31, 2022 – Sun European Partners, LLP (“Sun European Partners” or “Sun European”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced the acquisition of TENAX, a world leading manufacturer of chemical products, abrasives and tooling for the treatment of natural stone, engineered stone and ceramic slabs. Terms of the private transaction were not disclosed.
Established in 1956, TENAX’s primary industrial and R&D operations are located near Verona, Italy. The company has established subsidiaries in the United States, Spain, Brazil, Turkey, India and China. TENAX operates in a highly fragmented market and is the global leader in its core markets, with a broad portfolio of products and an internationally recognized brand.
An affiliate of Sun European has acquired a controlling stake in TENAX from the Bombana family who are reinvesting part of their proceeds from the sale.
To celebrate this important achievement, the Bombana family has decided to award an extraordinary bonus to its 220+ employees worldwide who have supported TENAX’s growth over the years, demonstrating a strong devotion to the brand and the territory in which the group operates, as well as great commitment to their work.
Mark Corbidge, Managing Director of Sun European Partners, LLP, said: “We are delighted to be partnering with the Bombana family to support TENAX at this exciting juncture in its growth trajectory. Over many years the family has built a well-known and highly respected brand operating in a highly fragmented and growing industry. With its diversified product portfolio, they have grown the business into one of the few large and truly global players. We look forward to supporting TENAX in accelerating its historic growth and further strengthening its competitive positioning by leveraging the brand and management’s invaluable expertise to penetrate and increase presence in new markets. We believe our experience in buy-and-build strategies will also aid the company’s development.”
Gino Bombana, President of TENAX, added: “I am pleased to welcome Sun European to the TENAX family. Since TENAX was founded by my father in 1956 the business has grown significantly under the leadership of the family and I am now proud to partner with Sun European to continue the family legacy and support the future growth of the business. Whilst the business was born in Verona, an area with a strong heritage in natural stone production, it is today an internationally recognised brand with an international footprint. I believe that our management team with the support and resources that Sun European can provide, will enable TENAX to strengthen and expand its market position and further leverage our leading “blue-tin” brand.”
Sun European has extensive experience in both founder and family-owned businesses and the Italian market, with affiliates currently invested in VR Group (a global leader in glass front doors for the home appliance market) and Limonta Sport (through the investment in Sports and Leisure Group). In addition, an affiliate of Sun European Partners, LLP, has recently acquired Architectural Surfaces Group (“ASG”), a leading US importer and distributor of natural stone, engineered stone and tile slabs for residential and commercial applications.
TENAX was assisted by Clearwater International (M&A Advisor), LAWP (Legal & Tax Advisor), and EY (Vendor Due Diligence Advisor).
Sun European was assisted by UniCredit (M&A Advisor), Giliberti Triscornia e Associati (Legal Advisor), EY Parthenon (Commercial Due Diligence Advisor), PwC (Financial & Tax Due Diligence Advisor), and ERM (Environmental Due Diligence Advisor).
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About Sun European Partners, LLP
Sun European Partners, LLP is a leading private investment advisory firm, focused on partnering with outstanding management teams to accelerate value creation. Since 1995, affiliates of Sun European have invested in more than 475 companies worldwide with revenues in excess of €40 billion across a broad range of industries and transaction structures. The Firm has built a reputation as a trusted partner, recognised for its operational experience. Sun European focuses on defensible businesses in growing markets with tangible performance improvement opportunities in the Business Services, Consumer, Healthcare, Industrial, and Technology sectors. Sun European Partners has offices in London and affiliates with offices in Boca Raton, Los Angeles, and New York. For more information, please visit www.suneuropeanpartners.com.
For more than 60 years, TENAX has been taking care of surfaces, using innovative technological solutions to create and treat them. Established in 1956, TENAX is now present in over 100 countries. It is renowned worldwide as an excellent producer of mastics, epoxy systems, surface treatments and abrasives
Two basic factors need to be taken into account when dealing with surfaces in quartz, natural stone and ceramic: innovation in terms of knowledge, with specific skills in using materials, and innovation in terms of technology, thanks to research and the use of cutting-edge products to ensure maximum effectiveness over time.
Besides innovation, the key aspects that best describe TENAX are its widespread presence, continuous contact with customers, knowledge of the territory and high-quality products.
For more information, please visit www.tenax.it.
Jen Renwick / Monique Perks
07928 471 013 / 07780 576 271