M&A Deal Summary

Tennant Acquires IP Cleaning

On February 23, 2017, Tennant acquired machinery company IP Cleaning from Ambienta for 350M USD

Acquisition Highlights
  • This is Tennant’s 2nd transaction in the Machinery sector.
  • This is Tennant’s largest (disclosed) transaction.
  • This is Tennant’s 1st transaction in Italy.

M&A Deal Summary
Date 2017-02-23
Target IP Cleaning
Sector Machinery
Buyer(s) Tennant
Sellers(s) Ambienta
Deal Type Add-on Acquisition
Deal Value 350M USD

Target

IP Cleaning

Summaga, Italy
IP Cleaning SPA (IPC Group) is a provider of professional cleaning solutions for commercial markets. The company designs and manufactures professional cleaning machines and equipment.

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Buyer(S) 1

Buyer

Tennant

Eden Prairie, Minnesota, United States
Category Company
Founded 1870
Sector Machinery
Employees4,259
Revenue 1.2B USD (2023)
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 STATS #
Overall 3 of 5
Sector (Machinery) 2 of 3
Type (Add-on Acquisition) 3 of 5
Country (Italy) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Dofesa Barrido Mecanizado S.a. De C.V.

Aguascalientes, Mexico

Dofesa Barrido Mecanizado S.a. De C.V. is a distributor of tennant equipment.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-25 Hefei GAOMEI Cleaning Equipment

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 -

Seller(S) 1

SELLER

Ambienta

Milan, Italy

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 3.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Ambienta is a pan-European middle-market investor focused on acquiring rapidly expanding companies capturing long-term environmental trends. The Firm will consider opportunities throughout Europe and looks to commit €30 to €100 million per transaction. Ambienta was formed in 2007 and is based in Milan, Italy.

DEAL STATS #
Overall 5 of 13
Sector (Machinery) 2 of 2
Type (Add-on Acquisition) 4 of 9
Country (Italy) 4 of 9
Year (2017) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-23 Spig

Paruzzaro , Italy

Spig is an engineering and contracting company that operates globally in the closed-loop industrial cooling systems sector, including cooling towers (wet cooling), air-cooled condensers, and air coolers (dry cooling). Its cooling systems are installed in power plants, refineries, petrochemical plants, and other industrial plants where cooling is critical. Spig is based in Paruzzaro , Italy.

Sell €155M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 energy wave srl

Alessandria, Italy

energy wave srl is an Energy Service company that offers energy-efficient heating solutions to private residential customers, with a leading market position and strong brand recognition in core provinces of North West Italy. energy wave srl is based in Alessandria, Italy.

Buy -
Mergr

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