Private investment firm Sun Capital Partners Inc. announced its affiliate has formed an agreement to have controlling interest in the Global Bath and Kitchen business of American Standard Americas, recently formed by Bain Capital Partners through its acquisition of the K+B segment of American Standard Cos. Inc.
Sun Capital has previous acquisitions of Crane Plumbing LLC and Eljer Inc. by other Sun Capital affiliates. Terms and financial details of this most recent agreement have not been disclosed.
In June, American Standard Cos. sold off its worldwide Bath and Kitchen products business to Bain Capital Partners LLC, a global private investment firm, for $1.755 billion in cash. Pursuant to the sale, Bain Capital formed a company named American Standard Americas to handle the newly acquired company and its products.
Under this new agreement with Sun Capital, Bain Capital would retain a minority interest in American Standard Americas, while it will remain the majority owner of the American Standard International business, which will have no Sun Capital affiliate as an investor.
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