Tennant Company has completed the acquisition of IP Cleaning S.p.A. and its subsidiaries, IPC Group, from private equity fund Ambienta for $353 million (€330 million).
The privately held IPC Group, based in Italy, designs and manufactures innovative professional cleaning equipment, tools and other solutions.
Chris Killingstad, Tennant Company’s president and CEO said: “Our acquisition of IPC Group aligns with our aspirations to grow Tennant’s revenue and profitability.
“The addition of IPC will more than double Tennant’s current EMEA business, providing the scale needed to accelerate our growth and better leverage our EMEA cost structure.
“Our businesses are highly complementary and differentiated in our geographies, products and go-to-market approach. We are excited about our combined potential to significantly increase our market share in Europe.”
IPC Group produces small to mid-sized commercial cleaning machines and equipment, including floor sweepers and scrubbers, vacuum cleaners, high-pressure washers, and related aftermarket parts and services.
IPC Group also expands Tennant Company’s product portfolio to cleaning tools and supplies, such as multi-purpose cleaning trolleys, window-washing systems, antibacterial microfiber mops and cloths, and a wide array of consumables.
IPC Group sells its products under the brand names IPC, IPC Foma, IPC Eagle, IPC Gansow, ICA, Vaclensa, Portotecnica, Sirio and Soteco, Ready System, Euromop, and Pulex. Both companies’ brands will continue to operate in their markets, as they do today, as part of Tennant’s multi-brand portfolio.
Tennant anticipates that the IPC acquisition will be accretive to the 2018 full year earnings per share