Founded in 1956 by Angelo Bombana, Tenax grew to become a world-leading producer of chemicals, abrasives and tooling for natural stone and ceramic slabs. Following an introduction from a mutual contact, Clearwater began building a relationship with this historic family-owned firm.
Having decided that they wanted to step back from frontline operations, the family sought out help to sell a majority stake in the business and embark on their next chapter.
It was of paramount importance that we operated with empathy to fully understand the family’s perspective, and to demonstrate our ability to deliver tangible value.
Empathy, trust and the demonstration of value, especially when working with family-owned businesses.
Sealing the deal
We continued to work closely with the Bombana family to identify potential targets, leveraging our global relationships and M&A expertise. With a shortlist of 10 targets compiled, we presented our highly detailed buy-and-build strategy to the potential buyers, demonstrating how the transaction would create a new super leader in the space.
Tenax was a highly desirable asset from the beginning of the competitive auction process, aided by our preparations and presentation of the company. Multiple prominent investors were involved in the bidding phase, and we supported the family in narrowing down the options to just two potential buyers. This was based on key differentiating factors, but particularly their ambitions for the future.
In the end, Sun European Partners stood out as the clear winner, and the owners of Tenax were delighted with both the price and the plans for the new partnership. As a top private investment advisory firm, Sun European Partners specialise in partnering with management teams to accelerate value creation, and they have been operating since 1995.
The legacy lives on
As Tenax enters a new era, the company’s historic DNA remains intact. Angelo Bombana’s son, Gino, is currently operating as Chairman, a vantage point from which he will continue to provide his invaluable direction and experience. Gino’s son, Luca, will also maintain a business development role, enabling him to provide crucial sector insights and help guide the next critical decisions.
From a Clearwater perspective, this story highlights the fundamental building blocks of a winning relationship. Our dedication to understanding the perspectives and ambitions of our clients sets us apart and positions us to exceed expectations. We are delighted to have developed a precious, ongoing relationship with the Bombana family.
Empathy, trust and the demonstration of value are at the heart of our unique approach to building and nurturing relationships. Especially when working with family-owned businesses.
The groundwork
We conducted a comprehensive evaluation of the company to develop a business plan and a robust price for the 80% stake in Tenax. Key aspects of our evaluation were carried out alongside the family to fully understand their needs and expectations, and to provide insight into the role we would play in the process.
Once the extensive vendor due diligence phase was complete, we were equipped to design a tailored strategy and begin moving toward the auction stage. Bespoke planning is a hallmark of the Clearwater methodology, but it is especially crucial when guiding a family-owned business that has limited M&A experience.
Although the family was selling a majority stake in the company, it was clear that they still wanted to play a co-pilot role in the new entity’s future. The successful buyer would also need to have the right long-term vision for the business and demonstrate the right synergies.
Clearwater also advised Tenax on the acquisition of NEST, a specialist in diamond tools for quartz processing. This strategic move complemented Tenax’s existing marble and granite expertise, continuing to expand their capabilities even after Sun European Partners had bought the majority stake.
The Clearwater difference
