Private equity-backed German bathroom company Grohe has received final bids from strategic acquirers Geberit, Lixil and Duratex, below the previously reported €4bn asking price.
According to Reuters, no bids exceeded €3bn. Grohe, which is owned by TPG Capital and Credit Suisse’s private equity arm, was also said to be considering an IPO as an alternative to a sale, with the company potentially listing in November.
The private equity firms were 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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