KBzine: the original kitchen and bathroom industry e-news - since 2002
15th March 2019
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Ideal Standard International looks to the future with full support of new owners
Ideal Standard International has announced that an entity managed and advised by Anchorage Capital Group and CVC Credit Partners has completed the acquisition of the Ideal Standard International Group and become the sole shareholders of the Group.
This transaction marks the successful completion of Ideal Standard International's refinancing of the Group's debt, enabling it to fully focus on advancing its long-term strategic plan and further develop the company as a leading manufacturer of high-quality residential, commercial and healthcare bathroom solutions.
Anchorage Capital became a key shareholder of Ideal Standard International in 2014, joined later by CVC Credit Partners. With a clear vision to fully realise the Group's potential, both investors together provided an additional £75 million in 2017 to help drive the company's long-term growth strategy and both will be representate on the Group Board.
"I am delighted to announce this important step in the continued development of our company," commented Torsten Türling, CEO of Ideal Standard International. "With the unequivocal backing of our investors who believe in the future and long-term potential of our company, Ideal Standard International now has a healthy balance sheet and clarity in its ownership structure.
"I want to thank Anchorage Capital and CVC Credit Partners for their trust and continued support, and I look forward to working with them to drive our growth strategy, build on our strong heritage and deliver real value for our customers."
Headquartered in Brussels, Belgium, Ideal Standard International employs almost 9,500 people and operates 17 manufacturing sites, serving over 60 countries across Europe, the Middle East and Africa. Using the latest technologies and working with world class designers, the company is focused on developing innovative bathroom solutions across multiple product categories including bathroom ceramics, taps & fittings, bathing & wellness and furniture & accessories. Its products are sold under strong international and local brands such as Ideal Standard, Armitage Shanks (UK), Porcher (France), Ceramica Dolomite (Italy) and Vidima (Eastern Europe).
29th March 2018