Paying the piper

31 May 2004 By Bill McIntosh

BC Partners’ sale of Germany’s Grohe for $1.8bn offers a clean and timely exit. But it won t set records for return on investment. Texas Pacific Group and CSFB may have got a bargain. But their plans to expand Grohe internationally will take time and money.

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BC Partners, a UK venture capital firm, has agreed to sell Germany's Grohe, a plumbing fixtures maker, to Texas Pacific Group and Credit Suisse First Boston for $1.8bn, according to the Wall Street Journal. It is the second big sale by BC Partners in recent weeks following the floatation of C&C, the Irish drinks group, in midMay.

Volatility in the new issues market has forced several private equity firms to cancel IPOs, cut offer prices or price offerings at the bottom of their indicative range. BC Partners and other private equity firms have been looking to exit businesses in order to return money to investors. This is a prelude to the firms raising money to launch new buyout funds.

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