Weil, Gotshal & Manges LLP

Weil Advises TPG Capital & DLJ Merchant Banking Funds on Sale of Grohe Group to Lixil

Deal is One of the Largest LBOs in Europe So Far This Year

(September 26, 2013, Weil News)


International law firm Weil, Gotshal & Manges LLP is advising TPG Capital and DLJ Merchant Banking Funds on the sale of an 87.5% share in the parent company Grohe Group S.à r.l. to listed Japanese LIXIL Group Corporation, a global manufacturer of housing and building materials. The deal represents one of the largest LBOs in Europe so far this year. The transaction is subject to clearance by the relevant competition authorities. It is expected to close by March 2014.

The shareholders TPG Capital and DLJ Merchant Banking Funds conducted a dual track process with a potential public offering of ordinary shares in Grohe Group S.à r.l. and a listing of the shares on the Frankfurt Stock Exchange being pursued in parallel with a trade sale of the shares in the company to an investor.

Weil has already been advising Grohe and its ultimate shareholders since the acquisition of the group in 2004. An international team of the German and Chinese offices of Weil had previously acted for Grohe on its successful voluntary public takeover offer to the shareholders of Joyou AG, the Chinese bathroom solutions provider listed in the Prime Standard of the Frankfurt Stock Exchange, and on the increase of its shareholding in Joyou AG to 72.3%.

The multi-jurisdictional Weil transaction team is headed by Frankfurt Corporate partner Gerhard Schmidt (Corporate, Frankfurt), assisted by partners Heiner Drüke, Stephan Grauke (both Corporate, Frankfurt), Tobias Geerling (Tax, Munich), Thomas Schmid, Barbara Jagersberger (both Corporate, Munich), Jürgen Börst (Tax, Frankfurt) and the associates Konrad von Buchwaldt, Jan Harmjanz (both Corporate, Frankfurt), Kamyar Abrar (Regulatory, Frankfurt), Christopher Peinemann, Céline Gollbach, Sven Dannemann (all Corporate, Frankfurt), Sven Ceranowski, Susanne Liebel-Kotz, Dominik Sailer (all Tax, Munich), Annabell Grupp, Philipp Schlawien (both Corporate, Munich), Wolfgang Süss, Thomas Zimmermann (both Finance, Munich) as well as lawyers in the Chinese offices of Weil Helen Jiang, Haitang Xu and Yue Lu (Corporate, Shanghai).

This news was reported in the following outlets (may require registration/subscription):

  • The New York Times: Lixil of Japan to Buy Grohe for $4.1 Billion (September 26, 2013)
  • The Deal: Lixil to pay $4.1B for Germany's Grohe (September 26, 2013)
  • JUVE: Kein IPO, Traditionsfirma doch verkauft: Japaner übernehmen Grohe mit Linklaters-Hilfe (September 26, 2013)
  • The Asian Lawyer: Linklaters, Weil on $4 Billion Grohe Acquisition (September 26, 2013)
  • The Asian Lawyer: Asia Deal Digest: September 26, 2013 (September 26, 2013)
  • Asian Legal Business: NA Deals: China Huishan Dairy launches HK IPO (October 2, 2013)
  • Legal Week: Weil, CC and Linklaters advise as Japan's Lixil acquires German rival Grohe for €3bn (October 4, 2013)
   
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