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[October 2007]
Ideal Standard International Announced As Independent, Privately-Owned Company
New leading bathroom solutions company operating in Europe, Middle East & Africa; Asia/Pacific and markets in Central-South America
Brussles, Belgium – A new, privately-owned company operating under the name Ideal Standard International today announced its independence, regional remit and strategy to deliver total bathroom solutions based on design, innovation and quality.
Comprising over 18,000 employees, Ideal Standard International has operations and sales in over 30 countries located in Europe, the Middle East & Africa, Asia Pacific and Central and South America. The new company’s presence in Central and South America is via a joint venture, called Incesa, which is 64 percent owned by Ideal Standard International.
Ideal Standard International, headquartered in Brussels, Belgium, has a long standing heritage and wide product portfolio covering all aspects of the bathroom from designer ceramic sanitary ware, furniture, taps and showers to high-tech home wellness systems. Cutting edge, design-driven bathroom solutions for residential, commercial and institutional use are sold under its international brands Ideal Standard, Jado and American Standard, as well as leading local brands including Armitage Shanks, Porcher, Ceramica Dolomite, Vidima and Incesa Standard. The new company is also the owner of Edwards Logistics, a transportation services provider with presence in the UK, Bulgaria and Belgium.
The creation of Ideal Standard International follows an announcement made on October 31, 2007, by American Standard Companies Inc. on the completion of the sale of its global Bath and Kitchen products business to funds advised by Bain Capital Partners, LLC, a leading private investment firm, for $1.745 billion including closing adjustments.
Management-led, leveraged buy-out
The recent sale was a management-led, leveraged buy-out with the decision to purchase based on shareowner confidence in the industry, business strategies, leadership team and employees. As a result, the new company is governed by a Board of Directors comprising representation from Ideal Standard International and Bain Capital LLC.
Looking towards a bright future
As an independent company, 100 percent focused on bathroom solutions, Ideal Standard International is more agile and able to respond faster to market needs. Bain Capital LLC, its new shareowner, adopts a fundamentally different business model from other investment firms and has the philosophy of supporting management teams in growing their business. Whilst the transaction heralds a new momentum for the company there will be continuity in the senior management group with the Ideal Standard International regional leadership team holding full responsibility for setting the company’s strategic direction and achieving the business and financial goals.
ENDS