Tenere to add up to 100 new employees to fuel rapid growth
Lexington, Mass. – December 17, 2012– The Watermill Group, a strategy-driven private investment firm, announced the acquisition of Tenere, Inc., a full-service designer and fabricator of complex metal and plastic components and assemblies, from Stonehenge Partners, Inc.
“Watermill was attracted to the engineering sophistication at Tenere,” said Watermill Group Partner Robert Ackerman. “Tenere’s outstanding process engineering, rapid prototyping and in-house ability to create complex tools, dies and molds help companies gain precious time-to-market advantages in making fast-changing, high-performance products.”
Tenere’s engineering expertise and highly adaptable manufacturing processes enable the company to partner with original equipment manufacturers (OEMs) during all stages of the product life cycle, from concept development through commercial assembly and integration. Tenere’s state of the art technology for rapid prototyping and high-precision manufacturing helps it fulfill the exacting requirements of OEMs with fast-changing product needs in aerospace, agricultural, data management, information technology, medical and industrial markets.
“Watermill will provide the strategic direction, operating support and other resources that Tenere needs to solidify its position as an advanced manufacturing leader,” said Steven E. Karol, the managing partner at Watermill. “We’ll work closely with Tenere’s management team to pursue immediate investments directed at achieving long-term, sustainable growth.”
To meet rising demand for custom fabrication services, Tenere is adding state of the art equipment to increase manufacturing capacity and is expanding production at its newest facility in St. Croix Falls, Wis. Tenere will also bring on a new CEO and expects to hire as many as 100 employees within the next year
“I believe Tenere’s potential is limitless,” said Jon Fisk, Tenere’s chief operations officer. “We’re approaching a critical phase in the growth of our company, and Watermill is the right partner to help us expand and scale to the needs of our customers.”
In Watermill’s acquisition of Tenere, Cole Taylor Bank served as the senior lender, Medley Capital was the junior lender, and Goodwin Procter provided legal counsel to Watermill. Western Reserve Partners facilitated the sale as the exclusive investment banker for the seller, Stonehenge Partners.
About The Watermill Group
The Watermill Group is a strategy-driven private investment firm that revitalizes companies to reach their full potential. For more than three decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses at a crossroads and applies a unique combination of strategic insight and management expertise to re-imagine their future and drive growth. Watermill Group’s current portfolio includes C&M Corporation, FutureMark Paper Group, Fine Tubes, Ltd., Superior Tube Company, Inc., and MultiLayer Coating Technologies, LLC.
About Tenere, Inc.
Tenere, Inc. makes advanced, customized components from metal and plastic for companies with highly demanding, fast-changing product needs. Founded in 1966, the company operates in Dresser, Wis.; St. Croix Falls, Wis.; Somerset , Wis.; and Lakewood, Colo. Tenere fabricates sheet metal, injection molded products and machined products, as well as providing integration and system-level assembly services. Tenere’s strategy is to be a full-service supplier to original equipment manufacturers (OEMs) in the network communications, enterprise software, agriculture, medical and aerospace industries.