TNT Group / PM Studio Group: the reasons for and objectives of the combination

PM Studio Group, backed by the investment fund Andera Partners, has just acquired 100% of the shares in TNT Group. Damon Kennish takes on the role of CEO of TNT Group to lead this new phase of development. ‘The synergies will play out in very concrete terms, through two main levers,’ explains Damon Kennish. ‘The first is commercial cross-selling: we will offer TNT Group’s premium primary packaging to PM Studio Group’s long-standing key accounts and, conversely, introduce PM Studio Group’s gifting lines, gift sets and accessories to TNT Group’s flagship clients.’

Following the strategic combination of TNT Group and PM Studio Group, you have been appointed Chief Executive Officer (CEO) of TNT Group. You succeed the co-founders, Thomas Diezinger and Toby Cattermole, at the head of the company. How will this new governance structure be organized?

Damon Kennish: That is correct as far as the structure is concerned, but this is first and foremost a genuine industrial and financial partnership. PM Studio Group, backed by the investment fund Andera Partners, has acquired 100% of the shares in TNT Group. However, Thomas Diezinger and Toby Cattermole are reinvesting a significant share of their sale proceeds in the parent holding company of the combined group, PM Studio Holding SAS. They thus become shareholders in the new group and remain fully associated with its future success.
In terms of governance, Thomas and Toby have handed over executive leadership to me, and I have taken up the role of CEO of TNT Group to lead this new phase of development. They also retain an active role alongside us during a transition period.

Please clarify and explain the reasons for, and the objectives of, this combination.

Damon Kennish: This combination responds to a major shift in the market: the world’s leading luxury and beauty groups (L’Oréal, LVMH, Coty, Estée Lauder) are rationalising their supplier portfolios in favour of partners able to offer total multi-material expertise and impeccable CSR standards, on a global scale.
Our strategic objectives fall under three headings. The first is to create a complete international leader: the combined group now has revenues of around €130 million, with 185 employees and 11 offices worldwide (Paris, Hong Kong, New York, Shenzhen, Germany, Dubai, etc.). The second is to offer a complementary proposition: TNT Group brings its cutting-edge engineering and recognised expertise in complex primary and secondary packaging, while PM Studio Group excels in gifting, gift sets and bespoke promotional items. The third is to nurture strong growth.
Our approach is entirely focused on development. TNT Group retains its brand, its operational and commercial autonomy, its teams and its highly agile fabless model.

PM Studio Group presents itself as one of Europe’s leaders in gifting, secondary packaging and bespoke accessories for the luxury industry. In what ways, and how, will the synergies play out ?

Damon Kennish: The synergies will play out in very concrete terms, through two main levers. The first is commercial cross-selling: we will offer TNT Group’s premium primary packaging to PM Studio Group’s long-standing key accounts and, conversely, introduce PM Studio Group’s gifting lines, gift sets and accessories to TNT Group’s flagship clients.
The second lever is geographical and digital. We are using TNT Group’s New York office as a commercial bridgehead to roll out PM Studio Group’s gifting and promotional offer in North America. TNT Group is also adopting PM Studio Group’s proprietary software platform, to optimise project management, industrial traceability and the real-time calculation of CSR carbon footprint from the quotation stage.

How is 2026 going for TNT Group in terms of revenue growth, and what does 2027 look like ?

Damon Kennish: 2026 is a historic year for TNT Group. After an already very strong 2025, with revenues of more than $55 million, 2026 sets a record level never before reached in the company’s history, at over $60 million. It is secured by a very strong order book and a very high rate of repeat business.
The outlook for 2027 is favourable: it will be the year of acceleration, with the first cross-selling synergies coming to fruition. TNT Group’s standalone business will be joined by the ramp-up of joint projects with PM Studio Group. The combined group is targeting revenues of more than €150 million from 2027. We continue to benefit from the strong momentum of niche brands, as well as from the development of our projects in cosmetics, skincare and make-up.

What were the highlights of 2026 in terms of new products in which TNT has taken part ?

Damon Kennish: 2026 was marked by the delivery of major engineering and eco-design projects for iconic houses and international niche brands. For Rabanne, we produced the refillable marble and onyx containers for the candle collection, then the collar for the limited edition Million Gold For Her Pure Diamonds. For Jean Paul Gaultier, we designed the caps and brooches for the Les Ateliers Gaultier collection, whose decorative atomiser bulb is dressed in different materials for each fragrance, as well as the jewellery accessories for the La Belle Rosea and Le Beau Narcisse bottles.
Two of our creations won PCD Innovation Awards in 2026. The first is the refillable zamak cage for Darphin’s Stimulskin Plus. The second is the cap for Chanel’s Eau Splendide, made from cold-forged aluminium in place of injection-moulded zamak. We also made the one-piece zamak cap for Stendhal’s Essences Précieuses and the zamak stopper with medallion for Chicas Divertidas, as well as the bow-shaped caps for LoveShackFancy, the cap for the Solferino Paris candles from Interparfums and the recycled zamak collar for Bottega Veneta’s Alta collection. TNT Group also unveiled its customisable Dress Code compact in October.
Finally, TNT Group is establishing itself as a pioneer of the recycled zamak sector. In 2026, we industrialised the use of recycled PCR zamak, with 80% recycled content, full traceability and GRS certification. The leading perfume houses now have a circular alternative, with no compromise whatsoever on aesthetics or quality.