GROHE America Inc., announced that Texas Pacific Group (TPG) and Credit Suisse First Boston Private Equity (CSFB Private Equity) have purchased German-based parent GROHE Water Technology AG through a consortium agreement with previous owner BC Partners (BC Funds). GROHE is a plumbing manufacturer with distribution in more than 180 countries.

GROHE management said in a statement it welcomed the sale decision by BC Partners. Peter Körfer-Schün, the company's CEO, said, “This solution maintains the independence of our company, which may still be taken public at a later stage. Our immediate objective now is to define the company's strategy for the coming years together with the consortium, and our joint efforts will focus on strengthening our profitability.”

With the backing of the investor consortium, Grohe said in the statement it intends to continue its strategy of international expansion and investment.