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GROHE Group shares to be acquired by LIXIL Corporation
TheGROHE Group, the worldâs leading provider of sanitary fittings, hasentered into an agreement with LIXIL Corporation and the DevelopmentBank of Japanin relation to the sale of an 87
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T
heGROHE Group, the world's leading provider of sanitary fittings, hasentered into an agreement with LIXIL Corporation and the DevelopmentBank of Japanin relation to the sale of an 87.5 percent equity interest in GROHEGroup from TPG and DLJ Merchant Banking Partners.
Thetransaction represents the largest ever German investment by a Japanesecompany. The combined sanitary businesses of both groups generate morethan '¬4 billion of annual revenue, making it the largest player in the industry.
GROHE CEO David JHaines will remain in this position and has signed a new five-yearcontract. LIXIL and the Development Bank of Japan will have seats on the supervisoryboard of the holding company of GROHE Group S.Ã .r.l. in Luxemburg.
'For
GROHE and Joyou, LIXIL is a perfect match,' Haines said in an official
release.
'It is
currently building a strong track record as a global leader in the
building materials and housing equipment industry. As a growth-oriented
company, LIXIL has always been the preferred partner to support us with
our growth strategy, especially in emerging markets.'
