Sun European affiliate acquires TENAX
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.
Sun European has acquired a controlling stake in TENAX from the Bombana family who are reinvesting part of their proceeds from the sale into a minority stake.
To celebrate this important achievement, the Bombana family decided to award an extraordinary bonus to its 220+ worldwide employees, who supported TENAX 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, where it is 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.