After three years with investment firm PNC Riverarch Capital and co-investors Florida Capital Partners, Custom Molded Products embarks on a new journey with Tenex Capital Management, a private equity firm that invests in established, growing companies.
At the close of 2016, Tenex acquired CMP and its global residential spa, pool and bath manufacturing business. Financial terms of the agreement were not disclosed and the acquisition was effective as of December 30, 2016. CMP will continue to be led by the current executive leadership team including co-founder, president and CEO, William Drury.
“The PNC and CMP leadership team met with many potential financial partners, and Tenex Capital Management offered the best possible pairing,” Drury says. “Tenex is positioned to invest in continued growth of all CMP brands, which will greatly benefit CMP employees, customers, vendors and the pool and spa industry.”
Tenex holds strengths in operational leadership and creating long-term value in established growing companies. In addition to CMP, its portfolio includes companies specializing in industrials, manufacturing, and health and business services.
PNC acquired CMP in 2013, investing in continued growth and development of CMP strategy and brands. Over the past three years, CMP introduced new product lines across every division, added experienced staff and leadership and introduced a completely new marketing presence. By continuing in the original strategic vision of CMP, the company maintained consistent growth.
"We are proud of CMP's achievements working with PNC, and excited about building on our accomplishments with Tenex,” Drury says. “The new acquisition will allow our company to achieve greater volumes and efficiencies to deliver better value to our customers, vendors, and the industry. Together we will grow CMP’s market share across the company’s select brands.”