Ideal Standard International has announced it has been acquired by Anchorage Capital Group and CVC Credit Partners.
The two companies have become the sole shareholders of the Group, with the transaction marking the successful completion of refinancing the Group’s debt meaning it now has a “positive balance sheet”.
Ideal Standard said that with the support of Anchorage and CVC the management will fully focus on advancing its long-term strategic plan and further developing the company as the “leading” manufacturer of bathroom solutions.
Speaking to kbbreview, a representative of Ideal Standard confirmed that the acquisition would be good news for the UK arm of the company, which is currently the biggest part of its business and Armitage Shanks being a key brand within that, with business being unaffected by the acquisition.
They also claimed that the UK would benefit greatly from the ongoing investments the company is making as part of its strategic plan, with the UK playing a “key part” in the Group’s core strategy.
Anchorage became a key shareholder in 2014 and was later joined by CVC. Together, both investors provided an additional €75 million (£65.6m) in 2017 to help drive the company’s long-term growth strategy.
Representatives from both Anchorage and CVC have joined the Ideal Standard Board.
“I am delighted to announce this important step in the continued development of our company,” commented Torsten Türling (pictured), chief executive 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.”