As published on Newswire July 6, 2021
ATLANTA, July 6, 2021 - BELAY, a virtual staffing company that offers assistants, bookkeepers, social media strategists, and website specialists services, has partnered with Tenex, a private equity firm.
Launched in 2010 by Bryan and Shannon Miles, BELAY disrupted the fractional staffing market with highly vetted, U.S.-based modern staffing solutions for businesses, nonprofits, and churches. BELAY was founded on a mission to equip clients with the confidence to climb higher and has scaled exponentially in the last 10 years, expanding its offerings of assistants, bookkeepers, and website specialists to include social media strategists, online courses, and the One Next Step podcast.
And after naming Tricia Sciortino BELAY's new CEO in January 2020, founders Bryan and Shannon Miles selected Tenex Capital Management to further support its projected growth and culture while remaining shareholders.
"As a part of the Tenex portfolio of companies, we have the opportunity to reinvest in BELAY," said Tricia. "To reinvest in our teams. To reinvest in staffing that matches our projected growth. To reinvest in next-generation marketing efforts. To reinvest in our people, our most valuable asset.
"It's with those people that we've enjoyed extraordinary success, so we can't wait to see what our future holds."
Tenex boasts an impressive portfolio of investments with a focus on supporting management teams to stay ahead of client needs with efficient best-in-class solutions.
"In a post-COVID world, labor markets have tightened, retention of talent has become increasingly challenging, and company hiring needs have grown and changed," said Joe Cottone, Tenex Managing Director. "The adoption of remote work, however, has proven extremely effective in many more situations than previously thought."
"We are very excited to partner with BELAY, whose mission is to help solve these issues by removing local geographic barriers to uncover hard-working talent at cost-effective prices. It's a win for everyone.
"Tenex looks forward to investing in BELAY's innovative team and building on its leadership in remote staffing solutions."
The transaction was effective as of June 25, 2021.
About BELAY
Growing an organization is difficult in our demanding world. BELAY helps clients thrive by matching companies with dedicated, professional, U.S.-based virtual staff who can take on key projects and handle routine responsibilities, allowing executives and company owners to focus on growing their businesses. Learn more at www.belaysolutions.com.
About Tenex Capital Management
Tenex Capital Management 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 services, healthcare, building products, and auto aftermarket, among others. For additional information, please visit www.tenexcm.com.