SCG reportedly in bid for Germany's Grohe

business July 14, 2013 00:00

By The Nation

3,209 Viewed

Thailand's Siam Cement Group and Switzerland's Geberit have expressed interest in buying Grohe, according to Reuters.

Quoting people familiar with the process, the wire agency said that both are in bid for the German bathroom fixtures maker. 
Tentative offers are due by the end of next week.
It has been in the news for a few months that buyout firm TPG Capital and a Credit Suisse Group AG (CSGN) unit are considering an initial public offering or sale of Grohe Group.
Bloomberg reported in April that the two owners may exit Grohe, which they bought in 2004 and may be worth about 2.2 billion euros ($2.8 billion) based on analyst estimates, as early as the second half after boosting earnings at the company. 
On the company’s website, Dusseldorf-based Grohe Group reported a 21 per cent increase in sale in the 2012 fiscal year to 1.4 billion euro while EBITDA rose by 18 per cent to 273 million. 
It reported a 9 per cent sale increase in Germany. The Asian market continues to boom the strongest, with 73 percent sales growth for the group. This success is largely a result of the auspicious partnership with Joyou AG, the Chinese market leader, in which the Grohe Group now holds a 72 percent stake.