Ideal Standard International looks to the future with full support of new owners

Anchorage Capital and CVC Credit Partners acquire full control of the Ideal Standard International Group, enabling the company to focus on its future with renewed determination

Brussels, 28 March 2018 – The Board of Directors of Ideal Standard International (‘the Group’) is pleased to announce that an entity managed and advised by Anchorage Capital Group, L.L.C. (‘Anchorage Capital’) and CVC Credit Partners have completed the acquisition of the Ideal Standard International Group and become the sole shareholders of the Group.

This transaction marks the successful completion of Ideal Standard International’s refinancing of the Group’s debt. With the support of Anchorage Capital and CVC Credit Partners, the management will fully focus on advancing its long-term strategic plan and further developing the company as the leading manufacturer of high-quality residential, commercial and healthcare bathroom solutions.

Anchorage Capital became a key shareholder of Ideal Standard International in 2014, joined later by CVC Credit Partners. With a clear vision to fully realise the Group’s potential, both investors together provided an additional €75 million in 2017 to help drive the company’s long-term growth strategy.

To further support the delivery of its long-term objectives, the Group would also like to welcome representatives from both Anchorage Capital and CVC Credit Partners to its Board, which will be significantly strengthened by their expertise and knowledge.

“I am delighted to announce this important step in the continued development of our company”, commented Torsten Türling, CEO of Ideal Standard International. “With the unequivocal backing of our investors who believe in the future and long-term potential of our company, Ideal Standard International now has a healthy balance sheet and clarity in its ownership structure. I want to thank Anchorage Capital and CVC Credit Partners for their trust and continued support, and I look forward to working with them to drive our growth strategy, build on our strong heritage and deliver real value for our customers.”

About Ideal Standard International

Ideal Standard International is one of the world’s leading manufacturers of high-quality residential, commercial and healthcare bathroom solutions. Headquartered in Brussels, Belgium, the privately-owned company employs almost 9,500 people and operates 17 manufacturing sites, serving over 60 countries across Europe, the Middle East and Africa. Using the latest technologies and working with world class designers, the company is focused on developing innovative bathroom solutions across multiple product categories including bathroom Ceramics, Taps & Fittings, Bathing & Wellness and Furniture & Accessories. Its products are sold under strong international and local brands such as Ideal Standard, Armitage Shanks (UK), Porcher (France), Ceramica Dolomite (Italy) and Vidima (Eastern Europe).

About Anchorage Capital Group, L.L.C.

Anchorage Capital Group, L.L.C. is a New York-based registered investment adviser founded in 2003. The firm manages private investment funds across the credit, special situations and illiquid investment markets of North America and Europe using an active long and short basis, with particular focus on defaulted and leveraged issuers.

About CVC Credit Partners

CVC Credit Partners is the credit management business of CVC. Formed through a merger of predecessor firms that date back to 2005 and supported by a team of 51 dedicated investment professionals, CVC Credit Partners is a global credit asset manager with offices in the U.S. and UK and $18.4bn assets under management, as at 31 December 2017.

CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. CVC Credit Partners has built a diverse platform which creates significant synergies across its three investment strategies: Performing Credit, Credit Opportunities/Special Situations and Private Debt.