Tennant Acquires UK's Floorep Ltd
February 19, 2007
Tennant Acquires UK’s Floorep Ltd MINNEAPOLIS-(Feb. 2, 2007)-Tennant Company announced today that it has completed the acquisition of Floorep Limited in a cash transaction. Terms of the transaction were not disclosed. Floorep is a privately owned cleaning equipment company based in the United Kingdom with annual sales of approximately $5.6 million in the fiscal year ended July 2006.
"With this transaction we continue our strategy of expanding Tennant's sales and service coverage in key European markets," said Chris Killingstad, president and chief executive officer of Tennant Company. "Floorep has an excellent reputation in the United Kingdom cleaning equipment market, a proven direct sales and service organization and strong relationships with contractors, retailers and logistics companies. We are pleased that key managers in the company are joining Tennant with this transaction, and we look forward to benefiting from their leadership of our combined United Kingdom sales and service team.”
The acquisition increases Tennant's customer base in the UK by approximately 25 percent and brings the total number of service engineers to 85. Tennant is considered to be the largest cleaning equipment service provider in the UK.
Floorep currently employs about 45 people and operates an equipment service center and warehouse in Glasgow. Tennant will assume the lease of this facility and consolidate its United Kingdom sales and service operations at Tennant's central England location at Northampton.