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Private equity-backed Grohe draws takeover interest

12 Jul 2013

bathroom5_sqPrivate equity-backed bathroom equipment maker Grohe has reportedly drawn takeover interest from Thailand’s Siam Cement and Switzerland’s Geberit.

The German company, which is owned by TPG Capital and Credit Suisse’s private equity arm, could be valued at €4bn in a deal, said Reuters, citing people familiar with the process. The owners are also considering an IPO as an alternative to a sale.

TPG and Credit Suisse are looking to sell the business at 14.4 times last year’s EBITDA of €273m.

Bidders have to submit tentative offers by the end of next week, said the sources.

Grohe claims to be Europe’s largest manufacturer and supplier of sanitary fittings, including kitchen and bathroom taps and shower systems, and had revenues of €1.165bn in 2011.

TPG and Credit Suisse acquired the company for €1.5bn in 2004 from private equity firm BC partners, which bought Grohe in 1999.

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