Carnegie acted as Joint Global Coordinator and Joint Bookrunner in the initial public offering of TCM Group on Copenhagen Stock Exchange.
TCM Group is Scandinavia’s third largest manufacturer of kitchens and furniture for bathrooms and storage in terms of revenue, while the vast majority of its business is concentrated in Denmark. The product offering includes cabinets, table tops, sliding doors, and other related products such as accessories and white goods.
TCM Group pursues a multi-brand strategy, under which the main brand is Svane Køkkenet and other brands are Tvis Køkkener, Nettoline, kitchn and private label. Combined, the brands are intended to cater for the entire price spectrum. In addition to price segments, TCM Group services both B2C and B2B (including social housing, property developers, professional house builders) customer groups, with revenues roughly split equally between the two segments.
Svane and Tvis kitchens are sold through a network of 60 single-brand stores in Denmark and Norway, which all operate under franchise or dealer agreements (except from one store that is owned by the TCM Group).