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TPG, Credit Suisse agree to sell 87.5% Grohe stake to Japan’s Lixil

26 Sep 2013

bathroom5_sqTPG Capital and Credit Suisse‘s private equity arm have agreed to sell their 87.5 per cent stake in German bathroom fittings business Grohe in a deal which values the company at €3.06bn including debt.

The purchase is likely to be completed in the first quarter of 2014 according to a statement from Grohe, which said Japanese strategic buyer Lixil had won the race to buy the stake.

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

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

Earlier this week it emerged that Grohe had launched a “game of poker” over its planned sale by raising the prospect of a potential IPO instead.

Japan’s Lixil had already emerged as a lead bidder by that point, but fellow strategic acquirers Geberit and Duratex were also said to be still in the process.

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