Middle market private equity firm
Tenex Capital Management
- HeadquartersNew York, NY S1
- Websitetenexcm.com
- Last verifiedOctober 19, 2026
At a glance
| Latest fund | Tenex Capital Partners IV, $1.9B (Aug 2024) S6 |
|---|---|
| EBITDA range | $3M to $40M S1 |
| Check size | $25M to $125M S1 |
| Deal types | Platform, Add-on, Growth S4 |
| Sectors | IT Services & MSP, HVAC, Plumbing & Electrical, Construction Services, Landscaping, Pest Control, Accounting & Professional Services, Healthcare Services, Distribution, Industrial & Manufacturing |
What Tenex Capital Management buys
Tenex is a New York firm whose partners come from engineering and operating backgrounds. It targets companies with $3 million to $40 million of EBITDA and writes equity checks of $25 million to $125 million, usually for a majority stake, with room for the seller to roll a meaningful share. It buys from families, corporate parents and other private equity owners. Its fourth fund closed at about $1.9 billion in August 2024.
It invests in three areas. Services is the busiest: home services such as HVAC, plumbing, lawn care, pest control, foundation repair, fencing and pools, plus IT managed services, payroll and outsourced admin. Diversified industrials covers packaging, food, building products and specialty distribution, and healthcare covers areas such as autism therapy. Tenex often forms a platform and then buys local companies into it; Perennial Services Group completed 25 add-ons in about three years. Smaller owners are most likely to meet Tenex through one of those platforms.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| February 2026 | Suited ConnectorDigital lead generation business held since December 2021; exit shown on the portfolio page | Exit | Source | |
| Jan 2026 | Perennial Services GroupRecapitalization with Brentwood Associates; Fund III sold part of its stake and Fund IV reinvested in the lawn care and pest control platform | Investment | Landscaping | Source |
| Jan 2026 | Aqua AllianceNew pool industry platform combining United Aqua Group and Blue Haven Pools, with more acquisitions planned | Platform | Source | |
| Dec 2025 | Blue Haven National ManagementPool builder franchisor with more than 60 locations; management stays on | Platform | Source | |
| December 2025 | Compass Health BrandsHome medical equipment maker held since 2013; exit shown on the portfolio page | Exit | Source | |
| Nov 2025 | Sentinel TechnologiesGrowth investment in a Chicago IT solutions and managed services provider that was management and employee owned | Growth | IT Services & MSP | Source |
| Sep 2025 | Smile Design DentistryFlorida dental group with 60 practices sold to Heartland Dental | Exit | Dental | Source |
| Aug 2025 | G2 Secure StaffOutsourced airline services provider sold to Menzies Aviation | Exit | Source | |
| Aug 2025 | Rick's Custom Fencing & DeckingPacific Northwest fencing and decking installer, now Origin Exterior Partners; the founder kept a significant stake | Growth | Construction Services | Source |
| Mar 2025 | PayEntryPayroll and HR services provider for small and mid-sized businesses; investment date from the portfolio page | Platform | Accounting & Professional Services | Source |
| Mar 2025 | United Aqua GroupPool industry group purchasing organization, now part of Aqua Alliance; investment date from the portfolio page | Platform | Source | |
| Dec 2024 | Big Bolt CorporationSpecialty fastener maker held since 2019; exit shown on the portfolio page | Exit | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S5.
Diversified Industrials
- Aqua Alliance
- U.S. Plumbing, Heating & Bath (USPHB)
- Oliver Packaging
- Orbus Exhibit & Display Group
- JTM Foods
- Hub Promotional Group
Healthcare
- Behavioral Innovations
- Black Diamond Networks
Services
- Network Coverage
- Sentinel Technologies
- Columbia Home Services (CHS)
- Landmark Foundation Group
- Origin Exterior Partners (Rick's Custom Fencing & Decking)
- Rose Paving
- 360 Fire & Flood
- Perennial Services Group
- Gold Medal Pools
- Minuteman Security & Life Safety
- PayEntry
- BELAY Solutions
- BeneSys
- Terryberry
Past investments: National Trench Safety, Unirac, Team Select Home Care
Greymont’s take
How Tenex Capital Management fits a seller
Tenex is a strong fit for founders of regional home service or IT services companies who want an operating partner and plan to keep a stake. Its recent founder deals left owners with real ownership. At Rick's, the founder kept a significant stake and moved to the board, and Perennial's managers rolled a large part of their equity when that company was recapitalized in late 2025. Tenex brings operating advisors, a digital marketing team and help building an in-house acquisition team.
Holding periods vary: G2 Secure Staff was held about five and a half years and Smile Design Dentistry nearly seven. For smaller owners, the likely route is selling into a platform such as Columbia Home Services, Landmark Foundation Group, Perennial or Network Coverage. Owners should ask how much equity they will roll, which fund is investing, and what role they will keep after closing.
Questions owners ask
What size company does Tenex target?
Its stated targets are companies with $3 million to $40 million of EBITDA, with equity checks of $25 million to $125 million going into each portfolio company.
Does Tenex invest in IT managed service providers?
Yes. Managed service providers are a named vertical. It has owned Network Coverage, a cloud-first MSP, since September 2022, and in November 2025 it made a growth investment in Sentinel Technologies, a Chicago IT solutions and managed services provider.
Can a founder keep a stake after selling to Tenex?
Yes. Tenex describes its deals as majority investments that give sellers the option to roll a significant share of equity. When it invested in Rick's Custom Fencing & Decking in 2025, the founder kept a significant ownership position.
Does Tenex buy home service companies?
Yes. It called its 2025 investment in Rick's its fifth residential services platform in three years. Its current home service companies include Columbia Home Services (HVAC, plumbing and electrical), Landmark Foundation Group, Gold Medal Pools and Perennial Services Group.
Sources
- S1Tenex Capital Management home page Accessed October 19, 2026
- S2Tenex Capital Management: About Accessed October 19, 2026
- S3Tenex Capital Management: Approach Accessed October 19, 2026
- S4Tenex Capital Management: News Accessed October 19, 2026
- S5Tenex Capital Management: Our Portfolio Accessed October 19, 2026
- S6Tenex Capital Raises Oversubscribed Fund IV at ~$1.9 Billion, and Hits Hard Cap (August 2, 2024) Accessed October 19, 2026
- S7Tenex Capital Management Completes the Recapitalization of Perennial Services Group (January 12, 2026) Accessed October 19, 2026
- S8Tenex Capital Management Invests in Rick's Custom Fencing & Decking (August 19, 2025) Accessed October 19, 2026
- S9Tenex Capital Management Completes Sale of Smile Design Dentistry (September 9, 2025) Accessed October 19, 2026
- S10Tenex Capital Management Completes Sale of G2 Secure Staff (August 28, 2025) Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Tenex Capital Management. Figures are as reported on the dates shown and may have changed. Request a correction