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Investment firm Bain Capital Partners has received a green light in its buyout of the bath and kitchen products business of American Standard.
The investment firm purchased the American Standard assets for $1.76 billion. The purchase was cleared this week by the European Union’s merger review commission.
The sale allowed American Standard to spin off its second of three divisions, following the sale of its vehicle control systems business earlier this year.
American Standard is sticking to its core business – Trane air conditioners and related products – and has agreed to change its official name to “Trane.”
Bain Capital Partners, along with Carlyle Group and Clayton, Dubilier and Rice, also recently purchased Home Depot’s HD Supply unit for $8.5 billion.