Published on : Monday, January 27, 2014
Lixil Corporation and the Development Bank of Japan has completed the acquisition €3.06bn of Grohe. TPG and DLJ Merchant Banking Partners, the former owners of Grohe, agreed to sell their 87.5% majority stake in the brassware manufacturer to Lixil on 26th September last year, just one month after the Japanese building materials group had acquired North American kitchen and bathroom products manufacturer American Standard.
The acquisition of Grohe and its subsidiary Joyou is part of Lixil’s strategy to position itself as the global leader within the building materials and housing equipment industries. Following the acceptance of Lixil’s bid, Grohe stated that the combination of the parties’ sanitaryware businesses, at more than €4bn of annual revenue, would make it ‘the largest player in its industry’.
Both Grohe and Joyou will remain independent within the corporation, and the purchase of Grohe Group reportedly represents Lixil’s last ‘big’ acquisition for the next few years as it concentrates on integrating its newly acquired businesses within the corporation.
Tags: brassware manufacturer, Development Bank of Japan, Lixil Corporation, sanitaryware, subsidiary Joyou, TPG and DLJ Merchant Banking Partners
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