German spigot maker sold for €1.5bn

Texas Pacific is joining CSFB Private Equity on the acquisition of German bathroom-fixture maker Friedrich Grohe AG from UK-based BC Partners.

Texas Pacific Group and CSFB Private Equity have agreed to acquire Friedrich Grohe, the German bathroom-fixture business, for a reported €1.5 billion ($1.84 billion).

The two firms are buying the Hemer-based company from BC Partners, a UK private equity house that originally bought it off the public market in 1999 for €1.12 billion.

Grohe employs roughly 5,800 people and has nine plants around the world. It currently has revenues of roughly €898 million.

Other private equity firms to bid on the deal included Bain Capital and CVC Capital Partners, according to reports.

In a statement, Peter Körfer-Schün, Grohe’s chief executive officer, said: “This solution maintains the independence of our company, which may still be taken public at a later stage.

Stephen Peel, a partner of Texas Pacific’s London office, led the deal for his firm, while Colin Taylor led the deal for CSFB Private Equity.