Consolis Group, owned by the US investment firm Bain Capital, acquires Finnish and Latvian operations of AS TMB, a producer of concrete elements. TMB’s Estonian unit OÜ TMB Element remains to Estonian shareholders and will continue operating independently according to current CEO of AS TMB, Jaan Luts.
Consolis was about to acquire the whole TMB group by the initial plan, but Estonian and Finnish antitrust authorities did not approve that and the transaction had to be restructured. As a result, TMB’s Estonian unit OÜ TMB Element was left out of the deal and Consolis agreed to sell Nastola factory of its Finnish subsidiary Parma Oy.
TMB operates since 1961 and employs more than 500 people. The company generated €124 million in revenue (operating profit €17.9 million) in 2017.
Consolis is a leading precast concrete solutions provider in Europe. With more than 11,000 employees in 22 countries, the group generated €1.45 billion in revenue in 2017.
Prudentia Tallinn Partner Sulev Raik advised TMB in the deal.