PEQ sells TM Progress to Kiilto

The deal comes two years after the GP acquired the business via its second flagship buyout vehicle. In order to acquire TM Progress, Kiilto used a new local company in Sweden, which will continue to operate as an independent unit within the family group.

The acquisition also includes Injo Golv, a subsidiary of TM Progress, which specialises in seamless flooring services. The Stockholm-based company was established in 2002 and merged with TM Progress in January 2017.

Previous funding
PEQ acquired a majority stake in the business in 2016, deploying capital from its PEQ Invest II fund. The vehicle was launched in 2011 with a target size of SEK 110m, which was eventually reached at final close.

Company
Established in 1974 and headquartered in Örnsköldsvik, TM Progress manufactures pumpable levelling compounds used in flooring. The products are sold to end users in the construction industry and through retailers. TM Progress has production plants in Hallstahammar and Örnsköldvik; it reports net sales of €28m and employs a staff of 25.

People
PEQ Private Equity – Greger Ericsson (investment manager).
Kiilto – Anssi Asikainen (managing director).
TM Progress – Ove Sigvardsson (CEO).

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