Japanese building company buys 87.5% share capital of Grohe
The value, including assumption of debt, was 3.06billion Euros, as announced in 2013, and the share were pruchased from Glacier Luxembourg, indirectly owned by Texas Pacific Group and DLJ Merchant Banking Partners.
The transaction represents the largest-ever German investment by a Japanese company and forms part of Lixil’s strategy to become the gloabl leader in the building materials and housing equipment industry.
It follows the acquisitions of North American kitchen and bathroom product manufacturer American Standard Brands in 2013 and curtain wall contractor Permasteelisa Group in 2011 and American Standard Asia Pacific in 2009.
Launched under its present structure and name in April 2011, Lixil is led by president and CEO Yoshiaki Fujimori and is a listed holding company posting 1.4 trillion Japanese Yen in consolidated sales in March 2013.
Lixil is the largest housing and building material company in Japan, and is a market leader in eight categories, including 40% share in sanitaryware sales.
Grohe generated sales of 1.405million Euros in 2012, 85% of which were from outside germany. It has nine production plants, six of which are located outside of Germany.