Consolis Group, a European supplier of precast concrete solutions, is to acquire TMB Group, a producer of concrete elements in the Baltic countries and Finland.
TMB Group brings more than 50 years of industry expertise and specific capabilities in both residential and non-residential buildings. Founded in 1961, TMB Group employs around 500 people and its annual revenue exceeded EUR120 million in 2017.
Nicolas Yatzimirsky, Chief Executive Officer of Consolis, says: “By acquiring TMB Group, we’ve demonstrated our ambition to further strengthen our presence in our key European markets. They bring valuable industrial know-how and our respective teams will mutually benefit from further best practices sharing.”
“TMB and its subsidiaries in Finland, Estonia and Latvia have built long-term relationships with their clients. Combining our strengths will benefit customers through an extended and wider range of solutions and services.”
Jaan Luts, Chief Executive Officer of TMB, says: “TMB Group has reached a stage of its development where the next phase of growth could not have been achieved without a strategic partner. Consolis Group is undoubtedly an industry leader that is playing a key role in the fast changing European concrete market.
“The acquisition by Consolis is an acknowledgment of our customer-centric strategy, our entrepreneurial spirit, our project management capabilities and our partnership approach on big projects.”
The transaction is subject to regulatory approvals. The closing of the transaction is expected by early 2019.