Tenex Capital Management has sold Auveco to GHK Capital Partners
Auveco
Founded in 1916 and headquartered in Cold Spring, Kentucky, Auveco is a leading master distributor of automotive fasteners to the body hardware aftermarket as well as general industrial fasteners used in maintenance, repair and operation applications in North America. The company sells more than 29,000 SKUs to thousands of wholesale distribution customers who subsequently service hundreds of thousands of collision centers, repair shops and dealerships located throughout North America. Over its more than 100-year history, Auveco has established an industry-leading reputation for supplying a superior selection of high-quality products by utilizing the company’s excellent logistics and distribution capabilities. For more information, please visit www.auveco.com.
The Deal
Under the stewardship of Tenex Capital Management, LLC, Auveco grew into a leading master distributor supported by exceptional performance and strong growth on both an organic and inorganic basis. Demonstrating the company’s ability to serve as a platform for growth, Auveco completed and integrated multiple complementary and accretive add-on acquisitions since 2018.
Jeff Gilkinson, Chief Executive Officer of Auveco, commented, “Lincoln’s strong expertise and experience made them a value-added partner throughout the entire process. With a highly dedicated team of bankers offering valuable guidance every step of the way, we were able to achieve the best outcome possible for all stakeholders. We are thankful for the partnership with Tenex and proud of what we were able to achieve together over the last four years, and we are excited to partner with GHK in the next chapter of our growth strategy.”
Our Perspective
Brad Keyworth, Managing Director in Lincoln’s Business Services Group, who leads the firm’s distribution sector coverage, stated, “Auveco was transformed under Tenex’s operationally focused guidance. Auveco is well positioned as a leading distributor serving the highly attractive and resilient auto aftermarket and industrials sectors. Led by a deep and prominent management team, the company differentiates itself through its extensive product portfolio, strong brand equity, rapid turnaround times, value-add services and customer-centric culture. We look forward to watching the continued growth and success of Auveco under GHK Capital Partners’ stewardship.”
Tenex
Tenex is a private equity (PE) firm that makes control investments in mid-market companies. The firm utilizes an in-house team of hybrid professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex boasts a highly successful track record investing in diverse industries, including transportation, industrials, manufacturing, healthcare and business services. For more information, please visit www.tenexcm.com.
GHK Capital Partners
GHK is a leading mid-market PE firm focused on making control investments in industrial companies across North America. GHK targets established businesses with strong free cash flow margins and multiple avenues for organic growth and operational improvement. For more information, please visit www.ghk.com.
Lincoln effectively brought together distribution business model expertise and automotive aftermarket knowledge to articulate Auveco’s highly differentiated value proposition and compelling growth strategy to optimally position the company. Further, the Lincoln team created a highly customized process to ultimately deliver a great outcome for Tenex and the other shareholders as well as the company’s management team, employees and stakeholders.
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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.