Cleary Gottlieb is representing Goldman, Sachs & Co. as financial advisor to Tennant Company in its acquisition of IPC Group from private equity fund Ambienta in an all-cash transaction valued at approximately €330 million ($350 million).
The acquisition, announced February 23, 2017, is expected to be completed in the second quarter of 2017, subject to the satisfaction of customary closing conditions, including applicable regulatory approvals. When finalized, this will be the largest acquisition in Tennant Company’s history.
Minneapolis-based Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact, and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces.
Italy-based IPC Group is a leading provider of professional cleaning solutions for commercial markets. The company was established in 2005, following the merger of a number of leading companies in the professional cleaning sector, each specializing in a different product segment. From 2014, IPC Group has been a portfolio company of Ambienta, a leading European private equity fund focused on industrial growth investing in companies driven by environmental trends.