Boxwood Partners Advises Consolidated Label Co. and Online Labels, Inc. on Recapitalization by Tenex Capital Management

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Boxwood continues its strong momentum by navigating a successful process through COVID-19 en route to its 3rd successful transaction of 2020

“We are extremely appreciative of the hard work that the Boxwood team put in throughout the process to ensure a successful outcome" said CEO Dave Carmany.

Boxwood Partners, LLC is pleased to announce the recapitalization of Consolidated Label Co. and Online Labels, Inc. (“Consolidated Label”, “Online Labels” or, collectively, the "Company") with investor Tenex Capital Management (“Tenex”), a New-York-based private equity firm.

Boxwood Partners acted as the exclusive advisor to Consolidated Label and Online Labels with respect to this transaction. The transaction was led by Managing Partner J. Patrick Galleher, Director Brian Alas, Vice President Robbie Nickle and Associate Madison Day. The terms of the deal were not disclosed.

Headquartered in Sanford, Florida, the Company provides a full-suite of custom printed pressure sensitive, shrink sleeve, flexible packaging, and blank labels on sheets and rolls to small businesses, consumers, and premier middle market brands via enterprise relationships and a direct-to-consumer e-commerce platform. As a result of strong demand and an impressive track record for growth, the Company has recently expanded its production footprint by opening new manufacturing and distribution facilities in Scranton, PA, Kansas City, MO and Sparks, NV.

“Consolidated Label and Online Labels are widely recognized throughout the industry as a leader for innovative solutions, high-quality products and first-class customer service. The Carmany family has done a tremendous job building the Company into the premier customized label and flexible packaging provider servicing small and medium-sized business across the country,” said Perrin Monroe, Managing Director at Tenex. “We are extremely excited to be partnering with such a strong management team and look forward to the continued growth and success of the Company.”

With consistent year-over-year growth over its 30+ year history, the Company has established a strong domestic and international reach, which is supported by a robust digital and e-commerce infrastructure.

“We are confident that the Company has found a good home with Tenex and look forward to our partnership with Perrin, Ron and the rest of our team,” commented President Joel Carmany. “Tenex is the perfect partner for Consolidated Label and Online Labels and shares our vision for growth,” said CEO Dave Carmany. He continued, “We are extremely appreciative of the hard work that the Boxwood team put in throughout the process to ensure a successful outcome. Given their current circumstance, we would not have been able to achieve this result without the remarkable level of service, knowledge and advice that Patrick, Brian and the rest of our advisors were able to provide.”

J. Patrick Galleher, Boxwood’s Managing Partner added, “We are thrilled for Dave and Joel as they enter into this new partnership with Tenex. They’ve built a tremendous business and we are grateful to have represented them throughout the process.”

Greg Bishop and Forbes Thompson of Williams Mullen served as legal counsel, while Scott Bormet and Steve Martin of BKD, LLP provided accounting advisory services to the Company.

About Boxwood Partners
Boxwood Partners, LLC (, is a boutique investment bank based 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.

About Consolidated Label
Headquartered in Sanford, FL with over 30 years of experience, Consolidated Label provides a full-suite of custom printed pressure sensitive, shrink sleeve and flexible packaging solutions to small and medium-sized business throughout the country. Consolidated Label serves a diverse group of end markets, including food and beverage, pharmaceuticals, household chemicals, health, beauty and more.

About Online Labels
Founded in 2000 and Headquartered in Sanford, FL, Online Labels primarily provides blank and custom printed sheeted and roll labels directly to businesses and consumers via a first-class e-commerce platform. Online Labels also operates out of three satellite facilities in Scranton, PA, Kansas City, MO and Sparks, NV.

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 and operations professionals, which enables the firm to effectively collaborate with management teams and capitalize on business and market opportunities. Tenex has successfully invested in businesses and management teams across a diverse range of industries, including industrials, healthcare, business services, automotive aftermarket, and building products. For additional information, please visit

Contact: J. Patrick Galleher
Phone: (804) 343-3441

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Patrick Galleher
Boxwood Partners
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