HSBC Private Equity has sold Mira Showers to US-based bathroom
products manufacturer Kohler Corporation for £301 million.
Mira, the UK market leader of shower products, was acquired by
HSBC Private Equity as part of the £420 million acquisition of
Caradon Plumbing from Novar plc in November 2000. This disposal
follows the sale of Twyford Bathrooms to Sanitec plc earlier this
year for £84 million, and completes the programme of disposals
planned at the time of the acquisition.
Phil Goodwin, Head of UK Investment for HSBC Private Equity, said:
"We have now sold two of the five businesses we acquired, and this
together with better management of working capital has recouped
almost all of the original investment. Mira is an excellent
business and has been acquired by a first class global operator. We
will retain and develop the remaining Caradon businesses, in
boilers and radiators, which are performing strongly under the
leadership of Trevor Harvey."
Caradon Plumbing was advised by Credit Suisse First Boston,
Eversheds and Ernst & Young. Kohler Corporation was advised by
Andersen and Cleary, Gottlieb, Steen & Hamilton.
Back to top