2024-03-01 14:39:55
Tennant Company (NYSE: TNC), a global leader in design, manufacturing and marketing solutions that help create a cleaner, safer and healthier world, announced that it has acquired M&F Management and Financing GmbH (“M&F”), a parent company of TCS EMEA GmbH (“TCS”), as Tennant seeks to accelerate growth in the EMEA region.
Located in Austria, TCS is Tennant Company’s largest distributor in Central and Eastern Europe. The acquisition gives Tennant a knowledgeable and experienced sales force and an established direct channel in countries such as Romania, Hungary, the Czech Republic and Slovakia, as well as an expanded network in Austria, Switzerland, Poland and other nations in the region, as well as the Middle East and in Africa.
“As Tennant Company focuses on strategic acquisitions as part of our growth-oriented business strategy, we are investing in areas where we can accelerate growth and create business value. In EMEA, we are confident that we can leverage TCS’ experienced team to grow our presence in Eastern Europe, while using Tennant’s extensive resources in the region to support the strong service TCS has always provided to its customers,” said Rusty Zay , senior vice president and chief commercial officer of Tennant Company. “We look forward to building on the reputation that TCS has worked hard to build in Central and Eastern Europe, a region that is projected to grow at higher rates than most of the more mature markets in Western Europe. We are excited regarding expanding our presence and implementing a larger product portfolio to accelerate our growth,” continued Zay.
TCS has a strong sales and service infrastructure to support its long-standing customer relationships in the region, and Tennant intends to leverage this capability to serve strategic account customers in the pan-EMEA region going forward. The acquisition is consistent with Tennant Company’s strategy of investing in companies with business capabilities that can be leveraged to connect Tennant’s broad range of cleaning solutions with expanded markets and expand its global sales and service coverage.
Otto Rainer, CEO of M&F, commented: “Our business has had a successful relationship with Tennant Company for many years. Representing the high-quality Tennant brand to our customers helps us become the leading name in cleaning in these markets. We are confident that Tennant Company will continue the commitment to quality that our customers have long appreciated.”
The transaction for the acquisition of M&F Management and Financing GmbH was completed on February 29, 2024. Terms were not disclosed.
About Tennant
Founded in 1870, Tennant Company (TNC), headquartered in Eden Prairie, Minnesota, is a global leader in designing, manufacturing and marketing solutions that help create a cleaner, safer and healthier world. Its innovative products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free cleaning technologies and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant’s global field service network is the most extensive in the industry. Tennant Company had sales of $1.24 billion in 2023 and has approximately 4,500 employees. Tennant has manufacturing operations worldwide and sells products directly in 15 countries and through distributors in more than 100 countries. For more information access www.tennantco.com e www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the “®” symbol are trademarks of Tennant Company registered in the United States and/or other countries.
The original language text of this announcement is the official authorized version. Translations are provided as a facility only and must refer to the text in the original language, which is the only version of the text that has legal effect.
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Contact:
INVESTOR RELATIONS CONTACT:
Lorenzo Bassi
Tennant Company
Vice President, Finance and Investor Relations
[email protected]
763-540-1242
MEDIA CONTACT:
Jason Peterson
Tennant Company
Director, Corporate Communications
[email protected]
763-513-1849
Source: BUSINESS WIRE
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