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IK Investment Partners to acquire kitchen business TCM Group

Funds managed by IK Investment Partners (IK) are to acquire TCM Group, a leading Scandinavian producer of quality kitchens, from Axcel. Financial terms of the transaction have not been disclosed.

Headquartered in Holstebro, Denmark, TCM Group develops, produces and sells quality kitchens. The Group has a broad and innovative range of kitchens, selling its products under the well-known brands Svane, Tvis and Modulia. TCM’s core market is Denmark with an increasing focus on the rest of the Nordic region, and an expanding network of stores across Denmark and Norway. In total, TCM has 300 employees, with production facilities in Tvis and Horsens.
“Over recent years, TCM has increased its market share and revenue despite a challenging market, which speaks highly of the management team. We believe the Group is well-positioned through its strong brands, clear focus on product innovation, and high customer satisfaction. Our intention is to strengthen TCM’s Nordic development by providing financial support and industrial expertise,” says Kristian Carlsson Kemppinen, Partner at IK Investment Partners, and advisor to IK Funds.
“We are delighted to partner with IK. They will facilitate growth in our selected markets and support the development of our product portfolio and production set-up. We expect to benefit from their expertise and network as we further enhance our leading position in a consolidating industry,” says Ole Lund Andersen, CEO of TCM Group.
Completion of the transaction is subject to legal and regulatory approvals.

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