Houlihan Lokey Advises SES Foam

Houlihan Lokey is pleased to announce the successful sale of SES Foam LLC (SES), a portfolio company of Tenex Capital Management (Tenex), to Holcim (SWX:HOLN). The transaction closed on July 29, 2022.

Founded in 2009 and headquartered in Spring, Texas, SES is the largest independent provider of innovative spray polyurethane foam (SPF) insulation solutions in the United States. The company has a track record of double-digit growth in an SPF market that is undergoing sustained, positive material substitution trends. SES has a history of innovation and providing advanced solutions such as SucraSeal®, the first sucrose-based spray foam insulation to be certified by the U.S. Department of Agriculture for its high bio-based content. SES offers superior products that improve buildings’ energy efficiency and thermal comfort while lowering their carbon footprint. The company stands out for its value-added services to contractors, including on-site technical instruction, business consulting, branding, and lead generation support.

Tenex is a private equity firm that invests in 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’s 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 industrials, business and tech-enabled services, healthcare, building products, and auto aftermarket, among others.

Based in Switzerland, Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure, and improved living standards around the world. With sustainability at the core of its strategy, Holcim is becoming a net zero company, with its people and communities at the heart of its success. The company is driving circular construction as a world leader in recycling to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector, including ACC, Aggregate Industries, Ambuja Cement, Disensa, Geocycle, Lafarge, and Malarkey Roofing Products. Holcim employs 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates, and Solutions & Products.

Houlihan Lokey served as the lead financial advisor to SES and assisted in initiating, marketing, structuring, and negotiating the transaction on its behalf. The transaction exemplifies the continued success of Houlihan Lokey’s leading practice within the building products and materials sector.