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CMS Hasche Sigle advised Joyou AG on investment by Grohe


Frankfurt/Main – Shareholder restructuring at Joyou AG has been completed. The final step was the signing of a shareholder agreement between bathroom tap manufacturer Grohe and Jianshe Cai and Jilin Cai, the main shareholders in Joyou AG. These main shareholders will merge substantial portions of their shareholdings into Grohe Asia AG. In the past few weeks, Grohe Asia made a takeover offer for all shares in Joyou AG and completed the transaction at the end of May. Grohe Asia AG (to be renamed Joyou Grohe Holding AG) will be the majority shareholder in Joyou AG with a stake of around 57.2%.

A team led by Corporate expert Dr Jochen N. Schlotter advised Joyou AG on all aspects of the transaction from the initial offer onwards.

Joyou designs, produces and sells taps and other sanitary products under its own "Joyou" brand in China. It also operates in the US, Europe and some emerging markets as a manufacturer for international sanitaryware firms, wholesalers and trading companies. In terms of sales, Joyou is one of China’s leading brand-name manufacturers of taps for bathrooms and kitchens. Joyou has its operational headquarters in Nan'an, Quanzhou, in Fujian province. In 2010, the company generated consolidated sales of EUR 246.6 million and an operating profit (EBIT) of EUR 43.7 million. Joyou has built up an extensive distribution network in China, comprising 3,677 retail outlets at the end of March this year.

Advisers CMS Hasche Sigle:

Dr Jochen N. Schlotter, Corporate (Lead Partner)
Dr Andreas Zanner, Banking & Finance
Peter Holst, Corporate
Ning Zhang, Banking & Finance

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Jochen N. Schlotter
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