拯救美標
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????因此，太陽資本對美標進行了一系列大刀闊斧的調(diào)整，其中包括裁員。2008年，太陽資本將克蘭公司和雅佳公司并入美標公司。之所以一開始沒有這樣做，是因為它們剛被太陽資本收購時狀況都很差。 ????“扭轉(zhuǎn)這兩家公司的頹勢都需要花大力氣，在調(diào)整這些公司的同時將它們合并起來幾乎是不可能的，”拉德爾解釋說。“只有等到每家公司都運作良好后，再將它們整合起來，我們才可以真正從協(xié)同效應(yīng)中得到好處。” ????兩年后，它合并了小型組合公司Decorative Panels，同時還收購了一家叫做安全浴缸公司（Safety Tubs）的業(yè)務(wù)互補型企業(yè)。到2011年，在債市復(fù)蘇時，太陽資本成功發(fā)行了1.87億美元的高收益率公司債，償還了美標所有的債務(wù)。 ????與此同時，太陽資本正悄悄地（至少在外界看來如此）一點點的慢慢增持著美標的股權(quán)——不僅僅通過將它與克蘭公司和雅佳公司合并，還通過貝恩資本不感興趣出資的后續(xù)并購來達到這一目的。也許因為收購Ideal Standard公司的交易并不如預(yù)期的那么好，貝恩資本在2009年僅以1.5億美元的價格就將它的亞洲業(yè)務(wù)賤賣了，還重組了歐洲業(yè)務(wù)。 ????今年年初，和日本驪住集團商討出售事宜時，太陽資本已經(jīng)持有美標超過75%的股權(quán)。 ????太陽資本最終以5.42億美元出售了美標公司，意味著它投資美標的回報率高達兩倍多（包括合并的組合公司）。這一價格相當于美標公司稅息折舊及攤銷前利潤13倍。 ????“我們認為美國接下來將會迎來一個漫長的家居產(chǎn)品和住房市場增長期，”拉德爾說。“所以，我們告訴日本驪住集團現(xiàn)在溢價收購是非常劃算的，幾年之后美標公司會更值錢。不然，我們會繼續(xù)等下去，以后聘請投資銀行讓美標公司上市。” ????日本驪住集團選擇了前者，驪住集團對美標公司的估價超過太陽資本2012年底對美標公司估價的40%。拉德爾的預(yù)測可能要成真了，實際上，在驪住集團簽署收購意向書到實際簽署收購合同期間，美標公司的稅息折舊及攤銷前利潤就增長了20%。（財富中文網(wǎng)） ????譯者：默默 |
????So Sun made major changes, some of which included layoffs. In 2008, it folded Crane and Eljer into American standard -- opting not to do so earlier because each of those businesses were in rough shape when originally acquired by Sun. ????"Both were heavy turnarounds, and it's almost impossible to merge two of those businesses while fixing them," Leder explains. "It's better to merge once everything is doing well, so you can really benefit from the synergies." ????Two years later in merged in a small portfolio company called Decorative Panels, and also acquired a complementary business called Safety Tubs. And when the bond markets returned in 2011, Sun completed a $187 million high yield offering that repaid all of American Standard's debt. ????Much more quietly -- as least to the outside world -- Sun also was slowly accumulating ownership in American Standard. Not only via the Crane and Eljer mergers, but also through the add-on acquisitions that Bain wasn't interested in helping to finance. Maybe because its Ideal Standard purchase hadn't gone as well as expected --with Bain selling off the Asia operations for just $150 million in 2009, and also choosing to restructure the remaining European group. ????By the time Sun began talking with LIXIL about a sale earlier this year, the firm held more than a 75% interest. ????The final sale price of $542 million represents well over a 2x return on Sun's original investment (including the merged portfolio companies), and a 13x EBITDA multiple. ????"We think we're very early in what will be a long and signifciant period of building product and housing growth in the U.S.," Leder says. "So we asked LIXIL to pay us today what it will be worth in a couple of years, or we would wait and later hire an investment banker of take it public." ????LIXIL chose the former, valuing American Standard at a 40% premium to where Sun had valued the company at year-end 2012. But Leder's prediction may have come true, since American Standard's EBITDA actually grew by 20% between the time LIXIL signed its letter of intent and the time it signed the actual acquisition contract. |
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