Nyse-listed group Tennant Company, signed an agreement to buy 100% of IP Cleaning, an Italian group being a European leader in professional and consumer cleaning machines, which is now owned by private equity firm Ambienta sgr (see here the press release).
Goldman Sachs is advising Tennant, which produces 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. Baker & McKenzie advisef Tennant as for legal issues, while Ambienta was supported by financial advisor Baird and by legal advisor Linklaters.
IP Cleaning group was valued 350 million dollars (or about 330 million euros), which is 11.9x IPC’s ebitda for 2016 without including 12 million euros of cost savings due to synergies (or 8.3x ebitda, including cost savings). In 2016 IP Cleaning actually reached 192 million euros in revenues and 28 millions in adjuted ebitda. In 2013, one year before Ambienta bought out the company, IPC had reached 170 millione uros in revenues with a 27 million euros ebitda
Ambienta II fund had invested 50 million euros in IP Cleaning in 2014, of which about 37 millions as capital increase to support the relaunch of the company and the remaining 13 millions to pay the prevuois shareholder Synergo sgr (see here a previous post by BeBeez).That deal involved the lending banks too (Unicredit, Intesa Sanpaolo , Ubi Banca , Bper , Banco Popolare, Ikb and Mps ), who committed themselves to reschedule about 90 million euros of senior debt.
Today IP Cleaning counts more than 1.000 employees, operates 4 producing plants in Northern Italy and sells its products in more than 100 countries. More than 80% of its revenues come from Europe while the remaining 20% is distributed among America and Pacific Asia. last July IPC bought Vaclensa, one of the major independent distributors of the secotr in UK and already a partner to IPC (see here a previous post by BeBeez).