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Boxwood Partners Advises R.F. Fager on its Partnership with Tenex Capital Management

Thursday, 11 April 2024 10:04 AM

Boxwood Partners, LLC

Leading M&A Advisory Firm Continues Strong Start to 2024 with the 7th Closed Transaction, Marking its 4th Distribution Deal Since 2021

JUPITER, FL / ACCESSWIRE / April 11, 2024 / Boxwood Partners, a leading boutique middle-market M&A advisory firm, is pleased to announce the investment in R.F. Fager Company (R.F. Fager) by Tenex Capital Management (Tenex). R.F. Fager is a regional leader in plumbing, heating, cooling, roofing, electrical, and industrial hose products in the Northeast and Mid-Atlantic. The strategic partnership underscores R.F. Fager's commitment to growth in the residential and commercial products and services sector, representing a significant milestone in the company's trajectory.

"This partnership with Tenex marks an exciting new chapter for R.F. Fager Company as we look to accelerate our growth initiatives and expand our market reach," said Bryce Fager, Co-President of R.F. Fager. "The expertise and resources Tenex brings to the table will empower our company to continue enhancing our service offerings and deliver even greater value to our customers."

R.F. Fager was founded in Pennsylvania in 1960 by Richard Fager, Sr. and Delroy Brosius, Sr., and, now in its second and third generations of the Fager family, remains a family-owned and operated company today. R.F. Fager has experienced significant growth in recent years and now includes seven branches and one distribution center serving predominantly contractor customers throughout the Pennsylvania and Maryland markets, with plans to even further their reach.

"We're thrilled to welcome R.F. Fager into our portfolio," said Gabe Wood, Managing Director of Tenex. "The company's strong market position, coupled with their diversified service offerings, made them an ideal fit for our investment strategy."

Boxwood Partners acted as the exclusive financial advisor to R.F. Fager on the transaction. The transaction was led by Patrick Galleher (Managing Partner), Robbie Nickle (Director), and Clayton Patton (Vice President). The terms of the deal were not disclosed.

"We're grateful for the invaluable guidance and support of Boxwood Partners in finding the perfect solution as we embark on this new phase of growth," said Richard Fager, Jr., Co-President of R.F. Fager. "With their assistance and the backing of Tenex, we stand ready to strengthen our position as a leader in the residential and commercial products and services market."

"This transaction exemplifies the resilience and innovation driving the home services sector forward," said Galleher. "Not only does it highlight the robust demand for multifaceted companies within the industry, but it's also a testament to the confidence investors have in R.F. Fager's exceptional leadership and growth potential. We are confident this strategic move will propel them to even greater heights in the market."

Brian Myeroff from Forvis acted as an accounting advisor to R.F. Fager, while Greg Bishop and Forbes Thompson of Williams Mullen served as legal counsel.

About Boxwood Partners
Boxwood Partners, LLC is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm's extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm's clients receive the attention, service, and results they deserve. For more information about Boxwood Partners, please visit

About R.F. Fager Company
The R.F. Fager Company is a one-stop-shop for all plumbing, heating, cooling, roofing, electrical, and industrial hose needs. For over 60 years, the dedicated team at R.F. Fager Co. has prided themselves on supplying residents, businesses, and trade professionals in Central Pennsylvania with the supplies they need to get the job done. Founded by Richard F. Fager, Sr. and Delroy Brosius, Sr. in 1960, R.F. Fager remains family owned and operated by second and third generation members of the Fager family.

About Tenex Capital Management
Tenex Capital Management is a private equity firm that invests in and partners with middle-market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has successfully invested in a diverse range of industries, including diversified industrials, business and tech-enabled services, and healthcare. For additional information, please visit

Contact: [email protected], 847-945-1300

SOURCE: Boxwood Partners LLC

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