News 2005
EQT acquires all shares in Sanitec
European funds advised by BC Partners sell to EQT
Sanitec Oy will be acquired by the EQT IV fund ("EQT"). EQT reached an agreement with European funds advised by BC Partners ("BC Funds") on the purchase of the pan-European bathroom products manufacturer Sanitec. 1*
Sanitec welcomed the decision in favour of EQT. Dr. Rainer Simon, President and CEO of Sanitec Oy, said: "We are convinced that with EQT we will have strong support for the continuation and further development of our integration and growth strategy. Sanitec remains as one entity and this enables us to continue capitalising on our strong brands and further strengthen our position as a leading pan-European bathroom solutions provider",
Juha Lindfors, partner of EQT in Helsinki, confirmed: "Sanitec fits well into EQT's strategy to invest in high-quality companies with significant growth and development potential. The investment is EQT's second venture in the sanitary sector and follows our successful exit in 2004 from Dahl, the leading heating and sanitation wholesaler in the Nordic region. We believe that EQT's financial resources, sector experience and knowledge in driving industrial acceleration will ensure that Sanitec is provided with the right resources to continue to develop and focus its business further."
Jens Reidel, Managing Partner and head of the German office of BC Partners: "In the past years BC Funds successfully initiated the European integration of the bathroom products market with their investments in Sanitec and Grohe. BC Funds now hand Sanitec over to EQT, and are convinced that Sanitec will continue to benefit from the sound strategic basis created and growth over products and markets. This transaction reconfirms the success of BC Fundīs strategy to focus investments on market leaders."
About Sanitec:
Sanitec is a European multi-brand group that designs, manufactures and markets bathroom ceramics and bath and shower products. The Group is based around locally well-known brands, which have strong positions and deep roots in the European bathroom products market. Sanitec operates through two divisions: Ceramics, Acrylics & Enclosures (CA&E) and Wellness.
In 2003, Sanitec's net sales amounted to EUR 951.1 million. The Group employs approx. 7,100 people, mainly in Europe. The 27 production plants are located in Europe whereas the sales and marketing network operates worldwide. Sanitec's headquarters are located in Finland and in Germany.
About BC Partners:
BC Partners is a leading pan-European private equity firm, operating through integrated teams based in Geneva, Hamburg, London, Milan and Paris. The BC European Capital VII funds have total commitments of EUR 4.3 billion, one of the largest buyout funds in Europe to date. Over 17 years the firm has developed a long track record of successfully acquiring and developing European businesses in partnership with management, investing in 57 acquisitions with a combined enterprise value of EUR 33.4 billion.
About EQT:
EQT is a leading private equity group in Northern Europe with an industrial strategy and a strong track record. Managing almost EUR 6 billion in capital, and with experience from more than 30 investments, EQT offers its portfolio companies financial support, strategic guidance and a significant network of contacts. Recent investments by EQT include Sirona Dental (2004) and Com Hem AB (2003).
UBS Investment Bank acted as sole financial adviser to BC Partners and BC Funds.
1* The transaction is subject to anti-trust approvals.