EQT in SEK 1.94bn final exit from Sanitec

Geberit will pay SEK 97 per share for its purchase of 99.27% of the company, valuing the entire business at SEK 9.7bn.

The price represents a premium of around 50% on the share price at the time of the takeover bid in October.

According to reports, the acquirer has secured a $1.78bn debt package to finance the deal, underwritten by JP Morgan. The financing includes a CHF 900m bridge loan in anticipation of a bond issue, in addition to a €400m bridge loan to be refinanced as a term loan. The debt package will also include the refinancing of Geberit's existing revolving credit facility by a CHF 300m revolver.

EQT's stake was held indirectly through the Luxembourg-based vehicle Sofia IV.

Previous funding
EQT first bought Sanitec in 2005 when its EQT IV fund acquired the bathroom ceramics maker in a secondary buyout worth €1.33bn from BC Partners, according to unquote" data.

EQT listed Sanitec in December 2013 at a share price of SEK 61. The GP last realised value in May 2014, when it sold down half of its 40% stake after joint bookrunners Nordea and UBS agreed to waive EQT's lock-up period.

Though this allowed the firm to sell its shares at SEK 84.25 apiece, the GP would have made SEK 260m more under the terms of Geberit's offer.

Company
Based in Helsinki, bathroom ceramics producer Sanitec was founded in 1990 as a subsidiary of Finnish marine and energy products company Wärtsilä.

The company has 18 production plants throughout Europe.

Sanitec had around €702m in net revenue in 2013, and employs around 6,200 people.

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