“This solution maintains the independence of our company, which may still be taken public at a later stage,” Peter Körfer-Schün, GROHE's CEO, said in a statement. “Our immediate objective now is to define the company's strategy for the coming years together with the consortium, and our joint efforts will focus on strengthening our profitability.”
With the backing of the investor consortium, GROHE plans to continue its strategy of international expansion and investment, the company said. GROHE, which manufactures and sells plumbing products and systems for residential, public and commercial installations, said that it currently ranks among the top three faucet manufacturers in the world, with distribution in more than 180 countries. The company said its sales have more than doubled in the past decade. Friedrich Grohe AG was a publicly traded company before it was acquired by BC Funds.
GROHE America, a wholly-owned subsidiary of GROHE Water Technology AG & Co. KG, Germany, handles customer service, technical support, sales and marketing, warranty service, warehousing and distribution to all 50 states, Mexico, Puerto Rico and the Caribbean.
CSFB Private Equity is the global private equity arm of Credit Suisse First Boston's alternative capital division. TPG, a private investment partnership, is based in Fort Worth, San Francisco and London.