MN-TENNANT-COMPANY
1.3.2024 08:01:27 CET | Business Wire | Press release
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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