Scrubber sweeper company Tennant purchases Italian rival with help from private equity fund, Ambienta
Over the last month, our friends at Tennant Co., the multinational scrubber sweeper giant, have purchased its Italian rival, the IPC Group. Its acquisition, valued at £287 million, will be funded by private equity partners, Ambienta.
Both the IPC Group and Tennant specialise in their respective niches of walk-behind and ride-on industrial cleaning equipment. Should the acquisition go ahead, this will be the Tennant Company’s largest ever purchase.
80% of The IPC Group’s business is in Europe. Though Tennant cleaners are widely distributed throughout the UK and mainland Europe, this will expand their customer base further. The IPC Group has annual sales of £155 million.
Should Tennant’s and Ambienta’s proposed acquisition get the go-ahead, this will mean a much greater product portfolio for the American scrubber sweeper giant. This will see the addition of smaller products like antibacterial microfibre mops and cleaning cloths. Other product lines will include window washing systems.
Chris Killingstad, Tennant Co’s CEO said: “We intend to market both the Tennant and IPC Group brands as part of our multi-brand portfolio. IPC Group is a growing and profitable business with a strong management team and we are excited about our combined potential.” The acquisition is expected to be completed by the second quarter of the 2017 – 18 financial year.
Exciting stuff, and potentially more products we could offer for hire at Clean Hire.
Clean Hire, 17 March 2017.