Tennant Company Acquires Long-Time Distributor of Tennant Equipment to Accelerate Growth in the Central & Eastern Europe Region
March 01 2024 - 2:00AM
Business Wire
Tennant Company (NYSE: TNC), a world leader in designing,
manufacturing, and marketing solutions that help create a cleaner,
safer, healthier world, today announced that it has acquired
M&F Management and Financing GmbH (“M&F”), the parent
company of TCS EMEA GmbH (“TCS”), as Tennant seeks to accelerate
growth in the EMEA region.
Based in Austria, TCS is Tennant Company’s largest Central and
Eastern Europe distributor. The acquisition gives Tennant a
knowledgeable and experienced sales force and an established direct
channel into countries including Romania, Hungary, Czech Republic,
and Slovakia, along with an expanded network in Austria,
Switzerland, Poland, and other nations in the region, as well as
the Middle East and Africa.
“As Tennant Company focuses on strategic acquisitions as part of
our growth-oriented enterprise strategy, we are investing in areas
where we can accelerate growth and create enterprise value. In the
EMEA region, we are confident that we can leverage the experienced
TCS team to increase our presence in Eastern Europe while using
Tennant’s extensive resources in the region to support the strong
service that TCS has always provided their customers,” said Rusty
Zay, Senior Vice President and Chief Commercial Officer for Tennant
Company. “We look forward to building on the reputation that TCS
has worked hard to earn in Central and Eastern Europe, a region
that is projected to grow at higher rates than the more mature
Western European market. We’re excited about enhancing our presence
and deploying an expanded product portfolio to accelerate our
growth,” Zay continued.
TCS has a strong sales and service infrastructure to serve its
long-standing customer relationships in the region, and Tennant
intends to leverage this capability to serve pan-EMEA strategic
account customers going forward. The acquisition is consistent with
Tennant Company’s strategy to invest in companies with commercial
capabilities that can be leveraged to connect the extensive range
of Tennant cleaning solutions to expanded markets and broaden its
global sales and service coverage.
Otto Rainer, Chief Executive Officer of M&F, commented, “Our
business has enjoyed a successful relationship with Tennant Company
for many years. Representing the high-quality Tennant brand to our
customers has helped 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 enjoyed for so
long.”
The transaction acquiring M&F Management and Financing GmbH
closed on February 29, 2024. Terms were not disclosed.
About Tennant
Founded in 1870, Tennant Company (TNC), headquartered in Eden
Prairie, Minnesota, is a world leader in the design, manufacture
and marketing of solutions that help create a cleaner, safer, and
healthier world. Its products include equipment for maintaining
surfaces in industrial, commercial, and outdoor environments;
detergent-free 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 throughout the world and sells
products directly in fifteen countries and through distributors in
more than one hundred countries. For more information, visit
www.tennantco.com and 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240226484989/en/
INVESTOR RELATIONS CONTACT: Lorenzo Bassi Tennant Company Vice
President, Finance and Investor Relations investors@tennantco.com
763-540-1242 MEDIA CONTACT: Jason Peterson Tennant Company
Director, Corporate Communications jason.peterson@tennantco.com
763-513-1849
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