When was TNT GROUP acquired by PM STUDIO?

TNT GROUP was acquired by PM STUDIO in 2026.

What was the revenue of TNT GROUP at the time of the deal?

The revenue of TNT GROUP at the time of the deal is estimated to be in the range of €50–100M.

How is the data for the TNT GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the TNT GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.anderapartners.com/en/andera-partners-supports-pm-studio-group-in-its-acquisition-of-tnt-group/

What is the average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026?

The average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026 is 11.7x.

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Home Database Industry & ManufacturingTNT GROUP

10/2026

PM STUDIO takes majority stake in TNT GROUP

HONG KONG Chemicals & Materials / Packaging & Containers REV €50–100M

Context

PM Studio Group acquired TNT Group from its founders Toby Cattermole and Thomas Diezinger, who had held the company since 2013 and reinvested a significant part of their proceeds alongside a group of the company’s key managers. The combined business generated revenue of EUR 130M and employed close to 150 people worldwide. Damon Kennish was appointed chief executive of TNT Group. The two companies work at different points of the same chain: TNT Group designs the packaging that holds the product, with particular expertise in metal components, while PM Studio Group produces the gifting items and textile elements around it. Their customer portfolios complement each other, as do their footprints in Europe, the United States and Asia. Andera Expansion had backed PM Studio Group since November 2024, when it organised the company’s separation from RC Group, taking around 40% of the capital alongside founders Patricia Stranik and Sven Döbert and their management team, with RC Group keeping a minority stake. It reinvested to fund this acquisition, which also involved refinancing the senior debt arranged in 2024 with BNP Paribas, Arkéa and LCL, alongside a mezzanine tranche provided by CIC Private Debt. Hogan Lovells and UGGC Avocats advised PM Studio Group on legal matters, with Oderis on financial due diligence, while LPA and PwC advised TNT Group.

TNT GROUP, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Industry & Manufacturing sector (11.7x).

-> Deep-dive in Industry & Manufacturing market trends

Target

Founded in 2013 by Toby Cattermole and Thomas Diezinger, TNT Group designs premium packaging for beauty, wine and spirits brands. Its work covers both the container holding the product itself, from caps and closures to bottles and compacts, and the box and presentation elements around it, turning a brand’s creative brief into a manufacturable object through its own engineering and eco-design teams. It owns no factories, relying instead on a network of industrial partners in Asia and Europe to produce what it designs. Its customers are established luxury houses and younger niche brands, and it works from Hong Kong, Paris and New York.

Ent. Value

€50–100M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2026

2025

Similar deals in Chemicals & Materials

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REFERENCES

Revenue range: €50–100M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TNT GROUP by PM STUDIO are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: tnt group

Acquirer: pm studio