Cleaning products provider Tennant Co. (TNC) announced Friday that it has acquired M&F Management and Financing GmbH, the parent company of TCS EMEA GmbH, with a view to accelerate growth in the EMEA region.
The transaction was closed on Thursday. Financial terms of the deal were not disclosed.
Austria-based TCS is Tennant's largest Central and Eastern Europe distributor. Tennant said the acquisition gives it an established direct channel into countries including Romania, Hungary, Czech Republic, and Slovakia, along with an expanded network in Austria, Switzerland, Poland. It has also presence in other nations in the region, as well as the Middle East and Africa.
Rusty Zay, Senior Vice President and Chief Commercial Officer for Tennant, said, "As Tennant Company focuses on strategic acquisitions as part of our growth-oriented enterprise strategy, we are investing in areas where we can accelerate growth and create enterprise value. In the EMEA region, we are confident that we can leverage the experienced TCS team to increase our presence in Eastern Europe while using Tennant's extensive resources in the region to support the strong service that TCS has always provided their customers."
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