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Grohe’s buyout backers could float business if $4bn sale falters

24 Sep 2013

Grohe showerPrivate equity backed German bathroom fittings business Grohe has reportedly launched a “game of poker” over its planned sale by raising the prospect of a potential IPO instead.

Grohe, which is owned by TPG Capital and Credit Suisse’s private equity arm, could launch a listing process as early as Thursday if a sale of about $4bn is not agreed, Reuters said.

It cited two people familiar with the matter, one of whom said, “It’s a game of poker now. Both options are on the table and they will remain on the table even if the intention to float is published later this week.”

Japan’s Lixil as emerged as a lead bidder, it added, but fellow strategic acquirers Geberit and Duratex are also said to be still in the process.

The private equity firms were previously said to be looking to sell the business at 14.4 times last year’s EBITDA of €273m.

The pair acquired the company for €1.5bn in 2004 from private equity firm BC Partners, which bought it in 1999.

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