Sun Capital Partners, a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, announced that an affiliate has completed the acquisition of Verona, Italy-based TENAX, a world-leading manufacturer of chemical products, abrasives and tooling for the treatment of natural stone, engineered stone and ceramic tiles. Terms of the private transaction were not disclosed.

Established in 1956, TENAX’s primary industrial and R&D operations are located near Verona, Italy, with 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.

The Sun Capital affiliate acquired a controlling stake in TENAX from the Bombana family who are reinvesting part of their proceeds from the sale.

"We are excited to apply our experience investing in the building products sector, executing buy-and-build strategies, and in partnering with founders like the Bombana family to support TENAX at this exciting juncture in its growth,” said Marc Leder, Co-CEO of Sun Capital. “Over many years the Bombanas have built TENAX into a large and truly global player, and we see significant opportunity for the Company to continue that trajectory, both through strategic acquisitions to penetrate new markets and driving organic growth to increase overall presence and add market share."

“I am pleased to welcome Sun Capital to the TENAX family,” said Gino Bombana, President of TENAX. “Since TENAX was founded by my father in 1956, the business has grown significantly, and I am now proud to partner with Sun Capital to continue the family legacy and support the future growth of the business. While the business was born in Verona, an area with a strong heritage in natural stone production, it is today an internationally recognized brand with an international footprint. I believe that our management team, with the support and resources that Sun Capital can provide, will enable TENAX to strengthen and expand its market position and further leverage our leading ‘blue-chip’ brand.”

TENAX was assisted by Clearwater International (M&A Advisor), LAWP (Legal & Tax Advisor), EY (Vendor Due Diligence Advisor).

Sun Capital 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).