Bathroom manufacturer Ideal Standard International has been acquired by Anchorage Capital and CVC Credit Partners, with the transaction marking the completion of refinancing the group’s debt.
New York-based investment adviser Anchorage Capital became a key shareholder of Ideal Standard International in 2014, joined later by credit management business CVC Credit Partners.
Both investors provided an additional €75million in 2017 to help drive the company’s long-term growth strategy.
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Representatives of Anchorage Capital and CVC Credit Partners will take a position on the board.
CEO of Ideal Standard International Torsten Turling commented: “I am delighted to announce this important step in the continued development of our company. 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 read value for our customers.”