LIXIL and DBJ Complete the Acquisition of 87.5 Percent of GROHE Group S.à r.l.

  LIXIL and DBJ Complete the Acquisition of 87.5 Percent of GROHE Group S.à
  r.l.

Business Wire

TOKYO -- January 21, 2014

LIXIL Corporation (Headquarters: Tokyo, Japan; President and CEO: Yoshiaki
Fujimori), and the Development Bank of Japan Inc. (“DBJ”; Headquarters: Tokyo,
Japan; President and CEO: Toru Hashimoto) have completed the acquisition of
87.5% of the share capital of GROHE Group S.à r.l., one of the world’s leading
providers of premium sanitary fittings (Corporate Centre: Düsseldorf, Germany;
CEO: David Haines. Hereafter called GROHE).

The implied enterprise value, including the assumption of debt, is €3.06
billion (428.4 billion JPY, €1=140 JPY), as announced on September 26, 2013.
The shares were purchased from Glacier Luxembourg One S.à r.l., indirectly
owned by TPG and DLJ Merchant Banking Partners. GROHE and Joyou, GROHE’s
subsidiary company, became LIXIL-affiliated companies on January 21.

The transaction represents the largest ever German investment by a Japanese
company and is another significant step in the implementation of LIXIL’s
highly successful strategy to become the global leader in the building
materials and housing equipment industry. It follows the acquisitions of
American Standard Brands in August 2013, a leading North American manufacturer
of a wide range of high quality kitchen and bath products; Permasteelisa Group
in 2011, a high-end curtain wall contractor in Italy; and American Standard
Asia Pacific in 2009.

LIXIL will leverage GROHE’s extensive distribution network to expand its
faucet business and, more generally, to strengthen its product offerings for
complete bathroom solutions globally.

Contact:

Media Contacts
LIXIL Group Corporation
Miyuki Otomo, +81 3 6268 8801
Corporate Communication Department
otomom1@lixil.co.jp
or
Hering Schuppener
Folker Dries, +49 69 9218 7526
fdries@heringschuppener.com
or
GROHE Group
Dr. Ulrike Heuser-Greipl, +49 211 9130 3001
SVP PR and IR
ulrike.heuser-greipl@grohe.com
 
Press spacebar to pause and continue. Press esc to stop.