Tenex Capital Management has acquired Rush Sales

Lincoln International, a leading global investment bank focused on the mid-market, has announced the successful completion of the financing of Tenex Capital Management’s acquisition of Rush Sales and its affiliates, Overland Tank, Viper Blasting & Coating and Western Rentals (collectively, “Rush-Overland” or the “Company”). Rush-Overland is a leading manufacturer and distributor of heating, pumping, storage and transportation equipment primarily serving the U.S. natural gas and oilfield services industries.

Lincoln International acted as exclusive financial advisor to Tenex and completed the placement of an undisclosed amount of debt financing, which consisted of a senior revolving credit facility, a first lien term loan and a second lien term loan. Proceeds from the transaction were used to finance a portion of the acquisition price and provide for Rush-Overland’s ongoing working capital needs. The credit facilities were provided by PNC Business Credit, KCAP Financial and Enhanced Capital.

As Tenex’s exclusive financial advisor, Lincoln International worked closely with the firm on all aspects of the transaction, helping to structure, arrange and negotiate the financing. Varun Bedi, a Managing Director and Principal at Tenex, stated, “Lincoln’s involvement leading the financing enabled us to focus our time and attention where we can add the most value – the operations of the business and the M&A aspects of the deal. Lincoln ensured that we received the best financing package available in the market and their expertise proved to be a valuable resource all the way through documentation.” Bob Horak, Managing Director and Co-Head of Lincoln’s Debt Advisory Group commented, “We are proud to have worked alongside Tenex in this important transaction. The Tenex team’s strong operational focus was an excellent match with our financing market knowledge and expertise and we look forward to advising Tenex on future projects.”

About Rush Sales

Rush Sales and its affiliated companies (Overland Tank, Viper Blasting & Coating and Western Rentals), headquartered in Odessa, TX, are the industry leaders in providing the highest quality and safest fluid heating, pumping and transportation equipment for the oil and gas industries. The company was founded in 1987. For more information, please visit www.rushsales.com.

About Tenex Capital Management

Tenex Capital Management, LLC (“Tenex”) is a private equity firm with $452M of committed capital that makes control investments in middle market companies. Tenex utilizes an in-house team of hybrid professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex has established a successful track record investing in diverse industries, including transportation, industrials, manufacturing and health and business services. For more information, please visit www.tenexcm.com.

Tenex Rush Overland 2012
  • 2012
    Close Year
  • Energy, Power & Infrastructure | Industrials
    Industry
  • Private Equity
    Client Type
  • Financial | Domestic
    Transaction Type
  • USA
    Countries

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