Tennant Company (NYSE:TNC) announced that it has completed the acquisition of IP Cleaning S.p.A. and its subsidiaries (IPC Group) from private equity fund Ambienta for $353M.
Commented Chris Killingstad, Tennant Company's president and chief executive officer: “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.”
The company anticipates that the IPC acquisition will be accretive to the 2018 full year earnings per share.
Source: Press Release