IK acquires TCM Group from Axcel

The deal brings Axcel's nine-year ownership of the kitchen group to a close, with TCM's founders also exiting their minority stake in the company.

Senior term loans for the acquisition were provided by Nordea.

Axcel said that while TCM Group was substantially affected by the global recession, its profit margin has improved from 6% before the recession to 15% currently.

TCM is IK's first Danish acquisition in 2015, and IK expects to grow the business by expanding and improving its position in the Nordic region, as the group currently has its main presence in Denmark and Norway.

Previous funding
Axcel took a majority stake in TCM through a management buyout in September 2006, investing alongside management and founders via its 2005-vintage Axcel III fund.

Company
TCM is a Danish maker of kitchens, headquartered in Holstebro. It manufactures and sells kitchens under brands such as Tvis Køkkener, Svane Køkkenet and Modulia.

The group found its current form in 2005, following the completion of the merger between Tvis/Modulia and Svane Køkkenet. TCM is projecting revenue in excess of DKK 500m this year and employs a staff of 300.

People
Kristian Carlsson Kemppinen is a partner at IK. Axcel was represented by partner Per Christensen.

Advisers
Equity – Qvartz (Commercial due diligence); Bruun Hjejle (Legal); Deloitte (Tax, financial due diligence); Nordea (Debt advisory).

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• Topics
• Buyouts
• Exits
• Nordics
• Consumer
• Denmark
• IK Investment Partners
• Axcel
• Deloitte
• Nordea
• Secondary buyout