TNT has been acquired by PM Studio

September 2026 — TNT Group has been acquired by PM Studio Group, backed by Andera Partners, bringing together two complementary specialists in premium packaging for the beauty and luxury industries. TNT’s expertise in bespoke primary packaging complements PM Studio’s secondary packaging, gifting and creative design capabilities, creating a broader, integrated offering for major luxury brands. The transaction strengthens the group’s geographical footprint in Asia and the USA, diversifying its customer portfolio. The combined group generates over US$145 million in revenue and has approximately 150 employees worldwide. Following the transition of operational leadership to CEO Damon Kennish, the founders completed the sale to PM Studio while making a significant reinvestment alongside the management team, demonstrating their confidence in the combined group’s long-term potential. It aims to reach US$280 million in revenue by 2029 through organic growth, commercial synergies and further acquisitions.

Founded by Thomas Diezinger and Toby Cattermole, TNT is an international specialist in bespoke premium primary packaging for leading beauty, wine and spirits brands. Operating a fabless model with manufacturing fully outsourced to third-party suppliers, TNT manages the entire packaging development process, from concept and engineering to sourcing, manufacturing oversight, quality control and delivery. Its product range includes decorative components and packaging solutions made from materials such as recycled zamak. Headquartered in Hong Kong, with operations in Paris, New York and Shenzhen, TNT generated US$60 million in revenue in fiscal year 2026 and employed approximately 53 people. Its asset-light model, extensive supplier network and long-standing customer relationships with prestigious luxury brands support a flexible, internationally scalable business.

PM Studio is a leading international specialist in premium secondary packaging, gifting and bespoke accessories for prestigious beauty, luxury, fashion and jewelry brands. The group offers end-to-end solutions, from creative design and product development to sourcing, manufacturing coordination and logistics, leveraging a global network of production partners. Its expertise covers high-end gift boxes, promotional products, luxury accessories and tailor-made packaging solutions. Headquartered in Paris, PM Studio employs approximately 130 people across seven offices worldwide. Backed by Andera Partners since 2024, the group pursues an ambitious growth strategy combining organic expansion, innovation and strategic acquisitions to strengthen its international position.

Our role in the transaction

Oaklins’ team in France acted as the exclusive financial advisor to the shareholders of TNT in its sale to PM Studio, backed by Andera Partners. The team designed and executed a competitive international dual-track sale process targeting strategic acquirors and private equity investors. Drawing on TNT’s attractive asset-light business model, established management succession and strong international position, the team generated interest from a diverse pool of potential buyers. Throughout the process, Oaklins provided comprehensive support, from strategic positioning and buyer identification to coordinating due diligence, negotiations and transaction structuring, ensuring smooth execution through to closing. The competitive process enabled the shareholders to optimize transaction terms while selecting a partner that offered the right balance between financial attractiveness, strategic alignment and management continuity. The transaction demonstrates Oaklins’ ability to combine international reach, sector expertise and hands-on execution to deliver tailored solutions that maximize shareholder value while addressing the founders’ long-term objectives.