Kiilto Oy has acquired all shares in TM Progress in Sweden from the private equity firm PEQ AB and the company’s operative management. Kiilto Oy is part of the Kiilto Family Group. TM Progress was established in 1974 and operates nationwide in Sweden. The company manufactures pumpable levelling compounds for professionals and provides them as a service. Its net sales is around EUR 28 million.
“The acquisition is part of Kiilto’s growth strategy and international expansion. TM Progress is a natural fit for Kiilto’s international operations in terms of its corporate and service culture as well as its product selection. I’m convinced that the acquisition will enable us to serve our Swedish customers better and also further develop our operations as a partner for construction professionals in Finland and our other countries of operation,” says Anssi Asikainen, Managing Director of Kiilto.
Kiilto has an independent local company, Kiilto AB, in Sweden. The new company will continue to operate as an independent unit within the Kiilto Family Group. The acquisition will increase the number of Kiilto’s employees by around 40. As a result of the acquisition, Kiilto’s production operations will expand into Sweden, as TM Progress has production plants in Hallstahammar and Örnsköldvik. The company’s head office is located in Örnsköldvik.
The acquisition also includes Injo Golv AB, a subsidiary of TM Progress. The company specialises in seamless flooring solutions. Injo Golv is a Stockholm-based company established in 2002. It became part of TM Progress in January 2017.
According to Ove Sigvardsson, CEO of TM Progress, the change of ownership has been met with enthusiasm and confidence in the company.
“Our operations have always been based on high quality and a strong customer focus. We develop solutions in cooperation with our customers and work to offer comprehensive solutions that truly meet their needs. We have always appreciated systematic work over the long term, in terms of both product development and customer relationships. We have a great deal in common with Kiilto. Its diversified business operations are based on a culture, values and operating models that we share. I believe that TM Progress will be able to complement Kiilto’s business operations in the desired manner. Becoming part of Kiilto offers us excellent growth opportunities in the Nordic countries.”