LIXIL Corporation has completed the acquisition of ASD Americas Holding Corp., the parent company of American Standard Brands, a manufacturer of kitchen and bath products and a portfolio company of Sun Capital Partners, at an enterprise value of $542 million.
American Standard is a North American manufacturer of bath and kitchen products including bathroom and kitchen faucets, fixtures, and furniture. The company’s products are sold through wholesalers, do-it-yourself big box centers, and specialty merchants and are used in both the residential and commercial markets as well as in new construction and replacement/remodeling. The company markets its products under the brand names of American Standard, Jado, Porcher, Safety Tubs, Crane Plumbing, Eljer, Fiat and Decorative Panels International. American Standard employs more than 5,000 people and is based in Piscataway, NJ (www.americanstandard-us.com).
Sun Capital Partners first invested in American Standard Brands in December 2007. “The market leadership that American Standard enjoys today has been fueled by considerable operational improvements, an expanded product platform achieved through four strategic acquisitions, and a commitment to innovation,” said Marc Leder, Co-CEO at Sun Capital. “I expect LIXIL will continue to invest in these strategies, and that the combined technology and product development capabilities of American Standard and LIXIL will ensure significant progress in the years ahead.”
LIXIL is Japan’s largest manufacturer of building materials and housing equipment and has more than 75,000 employees worldwide. The company is based in Tokyo (global.lixil.co.jp).
“American Standard is the leader in the kitchen and bath products market with a deep history of more than 130 years. American Standard will serve as a key platform for LIXIL as we continue to fulfill our ambitions to become a worldwide leader in the building materials and housing equipment market. LIXIL already owns the American Standard brand in the Asia Pacific market, and this transaction will strengthen the brand and the company’s considerable manufacturing capabilities and technological best practices,” said Yoshiaki Fujimori, President of LIXIL Corporation.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-21-13
