Private equity fund invests in U.S. lubricant distributor Pugh Lubricants
Pugh Lubricants, one of the largest lubricant distributors in the Southeast United States, announced that it has received an investment from Tenex Capital Management, a New York City-based private equity firm that invests in middle-market companies.
Started in 1947, the company will continue to be managed by the third and fourth generations of company founder John Q. Pugh, Jr.
“We are very excited about this opportunity to work with Tenex and leverage their extensive financial and operating capabilities. This relationship further strengthens our position in the market and creates a foundation for future growth while allowing us to maintain our reputation for quality service earned over nearly 70 years in business,” said Mike Pugh, president of Pugh Lubricants.
“We are pleased to partner with the Pugh family to support accelerated growth and expand the reach of the Pugh brand while preserving the company’s focus on best-in-class customer service. We believe our teams bring highly complementary skills and share a common vision that will serve all customers, employees and shareholders well,” said Mike Green, Tenex CEO.
Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has established a successful track record investing in diverse industries, including industrials, manufacturing, and health and business services.
Details of the financial transaction were not disclosed. Stephens Inc. served as financial advisor to Pugh Lubricants.
The transaction is effective November 11, 2016.