Posted 28th March

Ideal Standard wholly acquired by private equity firms

By KBBDaily on 28th March 2018 - 13:14pm
Money Matters

Brussels-headquartered Ideal Standard International has been wholly acquired by private equity firms Anchorage Capital and CVC Credit Partners – both of which were existing investors in the company – as part of a refinancing deal.

The two firms are believed to have acquired the stake owned by private equity firm Bain Capital, which bought the company American Standard in 2007 in a deal reportedly worth around $1.75bn including a $1.55bn debt package from Credit Suisse and Bank of America. Bain then sold off American Standard's US division to Sun Capital for $130m and renamed the rest of the operations Ideal Standard.

Anchorage became a shareholder in the company in 2014 in a debt-for-equity swap as part of a restructure that garnered it a 50% stake in the business. CVC Credit Partners, which is the credit asset management arm of CVC Capital Partners, later joined Bain Capital and Anchorage as a shareholder. Last year, CVC and Anchorage injected a further €75m into the company.

According to Ideal Standard International, its management team will now be focusing on “advancing its long-term strategic plan”. Representatives from Anchorage Capital and CVC Credit Partners have joined the Ideal Standard International board of directors.

“I am delighted to announce this important step in the continued development of our company,” said Ideal Standard International CEO Torsten Türling. “With the unequivocal backing of our investors who believe in the future and long-term potential of our company, Ideal Standard International now has a healthy balance sheet and clarity in its ownership structure.

“I want to thank Anchorage Capital and CVC Credit Partners for their trust and continued support, and I look forward to working with them to drive our growth strategy, build on our strong heritage and deliver real value for our customers.”

Related articles

Kudos welcomes new national specification manager

Posted Friday |

Graham Bell has worked in sales within the KBB industry for more than 30 years

90 Seconds With... Grohe UK training manager Chris Penney

Posted Friday |

Our sister site spoke to Penney at NSBRC in Swindon about the latest UK GROHE XXL Truck tour

Sirius celebrates VIP members trade show success

Posted Friday |

More than 300 manufacturers, distributors, retailers and installers attended, according to the buying group

Rotpunkt names Sven Herden as new managing director

Posted Friday |

Herden stepped down from his role of MD at Häcker Küchen UK earlier this year

in the spotlight

Big, bold & beautiful: the BLANCO BELFAST

popular articles

Aga Rangemaster hit by UK's ‘challenging’ market conditions

Tile Mountain chairman acquires Capitol Tile Group