Divestiture • Chemicals

Sherwin-Williams Acquires Tennant Coatings

On February 2, 2021, Sherwin-Williams acquired chemicals company Tennant Coatings from Tennant

Acquisition Context
  • This is Sherwin-Williams’ 11th transaction in the Chemicals sector.
  • This is Sherwin-Williams’ 8th transaction in the United States.
  • This is Sherwin-Williams’ 2nd transaction in Minnesota.

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M&A Deal Summary

Date February 2, 2021
Target Tennant Coatings
Sector Chemicals
Buyer(s) Sherwin-Williams
Sellers(s) Tennant
Deal Type Divestiture

Target Company

Tennant Coatings

Golden Valley, Minnesota, United States
Tennant Coatings is a designer and manufacturer of indoor and outdoor coatings systems for a variety of applications and industries. Tennant Coatings is based in Golden Valley, Minnesota.
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Buyer Overview 1

Buyer

Sherwin-Williams

Cleveland, Ohio, United States

Category Company
Founded 1866
Sector Chemicals
Employees64,088
Revenue 23.1B USD (2024)
DESCRIPTION
Sherwin Williams retail store in Westchester, Illinois.
Sherwin Williams retail store in Westchester, Illinois.

Sherwin-Williams provides development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region, Europe and Asia. Sherwin-Williams was founded in 1866 and is based in Cleveland, Ohio.


Deal Context for Buyer #
Overall 13 of 17
Sector: Chemicals 11 of 15
Type: Divestiture 3 of 5
State: Minnesota 2 of 2
Country: United States 8 of 8
Year: 2021 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-20 The Valspar

Minneapolis, Minnesota, United States

The Valspar Corp. is a provider of paints and coatings products for the consumer market as well as highly-engineered coating products and solutions for the construction, industrial, packaging and transportation markets. Valspar was formed in 1806 and is headquartered in Minneapolis, Minnesota.

Buy $11.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-19 Sika - European Industrial Coatings Business

Germany

Sika's European Industrial Coatings Business engineers, manufactures, and sells corrosion protection coating systems for high-value interior and exterior steel infrastructure, bridges, airport and rail, wind and energy, chemicals, power transmission and stations, interior linings for oil and gas tanks, vessels, and pipework, and water and wastewater applications, along with fire protection coating systems to protect and preserve steel, wood and concrete building components.

Buy -

Seller Profile 1

SELLER

Tennant

Eden Prairie, Minnesota, United States

Category Company
Founded 1870
Sector Machinery
Employees4,259
Revenue 1.3B USD (2024)
DESCRIPTION

Tennant is a designer, manufacture and marketer of cleaning products. Its products include equipment for maintaining floors in industrial, commercial and outdoor environments; and coatings for protecting, repairing and upgrading concrete floors. Tennant was founded in 1870 and is based in Eden Prairie, Minnesota.


Deal Context for Seller #
Overall 1 of 1
Sector: Chemicals 1 of 1
Type: Divestiture 1 of 1
State: Minnesota 1 of 1
Country: United States 1 of 1
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-25 Hefei GAOMEI Cleaning Equipment Co.

Shushan District, China

Hefei GAOMEI Cleaning Equipment Co. Ltd. is a manufacturer of cleaning machines, including multi-functional single disc scrubbing machines, foaming tanks, vacuum cleaners, wet & dry cleaners, carpet extractors, blowers, high-pressure washers and floor scrubbers for commercial and industrial markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-01 M&F

Neumarkt am Wallersee, Austria

M&F offers clients a wide range of services from financing to the sale of its products. For start-ups, during ongoing business operations, and when introducing innovations or corporate changes, outside professional help is often valuable to avoid costly and time-consuming mistakes. M&F is based in Neumarkt am Wallersee, Austria.

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