Anchorage, CVC Credit Partners wholly acquire Ideal Standard

The transaction marks the completion of the refinancing of Ideal Standard's debt, which saw both investors providing an additional €75m in 2017.

The board of Ideal Standard will include representatives from both Anchorage and CVC Credit.

The group looked at completing a refinancing or a sale by Q1 2018, given that the company's senior secured notes were due to mature in May 2018. 

Previous funding
Bain backed the management buyout of Ideal Standard in 2007, acquiring a majority stake in a deal that valued the company at $1.75bn. Credit Suisse and Bank of America provided $1.55bn debt package for supporting the acquisition.

Bain then sold off Ideal Standard's US division to Sun Capital for $130m. In 2014, Anchorage took a 50% stake in the company, while CVC Credit joined subsequently.

Company
Established in 1907, Ideal Standard, formerly known as American Standard Plumbing, develops bathroom products sold under brands including Ideal Standard, Armitage Shanks, Porcher, Ceramica Dolomite and Vidima.

Headquartered in Brussels, the company employs 9,500 people and operates 17 manufacturing sites, serving 60 countries across Europe, the Middle East and Africa. The company generated a turnover of €739m in 2016.

People
Ideal Standard International – Torsten Türling (CEO).

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• Topics
• Refinancing
• Benelux
• Consumer
• Exits
• Belgium
• CVC Capital Partners
• Bain Capital