Canaccord Genuity advises the shareholders of Applied Sweepers on its disposal to Tennant Company
On 15 February 2008, Tennant Company announced that it has entered into a purchase agreement with Applied Sweepers Limited, the UK's leading manufacturer of sub-compact street sweeping machines, for a total consideration expected to be approximately £36 million. Canaccord Genuity advised the shareholders of Applied Sweepers.
Completion of the transaction is subject to concluding environmental due diligence and is expected to take place at the end of February 2008.
Applied Sweepers, a privately-held company based in Falkirk, Scotland, is the leading manufacturer of sub-compact outdoor sweeping machines used for city cleaning in the UK and operates overseas subsidiaries in the United States, France and Germany.
Minneapolis-based Tennant Company (NYSE:TNC) manufactures equipment for maintaining surfaces in industrial, commercial and outdoor environments; and coatings for protecting, repairing and upgrading concrete floors. Tennant Company has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Uden, The Netherlands; Northampton, United Kingdom; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries.
Canaccord Genuity acted as sole financial adviser to Applied Sweepers.
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