BOCA RATON, FLA., November 21 /CNW/ - Sun Capital Partners, Inc. ("Sun
Capital"), a leading private investment firm specializing in leveraged buyouts
and investments in market-leading companies, today announced that one of its
affiliates has signed an agreement to acquire a controlling interest in
American Standard Americas ("American Standard"), a company recently formed by
Bain Capital Partners ("Bain Capital") through its acquisition of the Global
Bath and Kitchen business of American Standard Companies, Inc. (NYSE: ASD).
Terms of the acquisition were not disclosed.
With an operating history of over 130 years, American Standard is one of
the largest North American manufacturers of bath and kitchen products. The
Company participates in all key product categories such as bathroom and
kitchen faucets, fixtures, and furniture with leading positions in toilets and
the number two position in bathroom fixtures in the U.S. and overall category
leadership in Canada and the Dominican Republic. Products are marketed under
such brand names as American Standard(R), Porcher(R), and Jado(R).
Bain Capital will retain a minority interest in American Standard. Bain
Capital remains the majority owner of the American Standard International
business, and no Sun Capital affiliate will be an investor in that company.
Jason A. Leach, Principal, Sun Capital Partners, Inc., said, "The strong
brand equity of American Standard has enabled the Americas business to
maintain its leading market share and longstanding customer relationships in
North America during a challenging time in the industry. As a stand-alone
entity, American Standard will be able to pursue its own strategic objectives
including improved operating efficiencies, enhanced profitability, and
investment in new product and brand offerings."
Leach added, "Sun Capital has significant industry knowledge and
operating experience in the plumbing fixtures sector given the previous
acquisitions of Crane Plumbing LLC and Eljer, Inc. by other Sun Capital
affiliates, both of which are leading manufacturers and distributors of
plumbing fixtures and specialty plumbing products for the residential and
commercial construction, remodeling, and repair markets in North America."
Thomas V. Taylor, Managing Director, Sun Capital Partners, Inc.,
commented, "American Standard has an unrivaled portfolio of iconic global
brands that compete across a range of price points and market segments. Strong
innovation through the continuous introduction of new products has helped to
establish brand differentiation and value. With broad geographic presence and
regional manufacturing capabilities, American Standard offers an attractive
base from which to drive further brand equity, strong customer relationships,
and deeper penetration of the existing channels to market. I am looking
forward to working with the management team and its dedicated associates in
achieving its objectives of profitable growth."
Donald C. Devine, President and CEO, American Standard Americas, added,
"We are pleased to have the financial and operating support of an affiliate of
Sun Capital Partners and Bain Capital. Our new independent structure as
American Standard Americas enables us to continue our focus on making American
Standard the leading bath and plumbing company in North America."
About American Standard Americas
Headquartered in Piscataway, NJ, American Standard Americas is a leading
manufacturer of bath and kitchen products, including: fixtures, faucets and
fittings; kitchen, bathing and wellness products; and bathroom furniture and
accessories which are marketed under the American Standard(R), Porcher(R), and
Jado(R) brands. American Standard delivers products to a wide range of
customers in both residential and commercial markets and for new construction
and replacement/remodeling. The network includes wholesalers (including
showrooms), retailers (including do-it-yourself centers), and specialty
Recent innovations include faucets with easy-to-install drains; toilets
with powerful and efficient flushing mechanisms; anti-microbial glazes; a
variety of jetted tubs with features such as flat jets, proprietary deep-soak
overflow drains, luxurious massage features; and integrated sauna, steam bath,
and showering units.
American Standard operates eight facilities employing approximately 7,500
associates. For more information, please visit www.americanstandard-us.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused
on leveraged buyouts, equity, debt, and other investments in market-leading
companies that can benefit from its in-house operating professionals and
experience. Sun Capital affiliates have invested in and managed more than 170
companies worldwide with combined sales in excess of $35.0 billion since Sun
Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los
Angeles, and New York, as well as affiliates with offices in London, Tokyo,
and Shenzhen. For more information, please visit www.SunCapPart.com.
About Bain Capital Partners, Inc.
Bain Capital (www.baincapital.com) is a global private investment firm
that manages several pools of capital including private equity, high-yield
assets, mezzanine capital and public equity with approximately $60 billion in
assets under management. Since its inception in 1984, Bain Capital has made
private equity investments and add-on acquisitions in over 250 companies
around the world. Headquartered in Boston, Bain Capital has offices in New
York, London, Munich, Hong Kong, Shanghai, and Tokyo.
For further information:
For further information: Sun Capital Partners, Inc., Boca Raton Jason A.
Leach, Principal, 561-394-0550 or On the Same Page Tracy Benson Kirker,
Managing Partner, 914-977-3245 914-522-6575 (cell) firstname.lastname@example.org