Equistone fully realises investment in KWC Group with the sale of KWC Professional to DELABIE

Equistone Partners Europe (“Equistone”), one of Europe’s most established mid-market private equity investors, today announces the full realisation of its investment in KWC Group (“KWC”) through the sale of KWC Professional to France-headquartered DELABIE Group, a fourth-generation family-owned European leader in tapware and sanitary equipment for public and commercial buildings. The transaction creates a leading pan-European industrial group with a significant additional footprint in the Middle East.

Headquartered in Unterkulm, Switzerland, KWC Professional serves (semi-)public institutions such as airports, shopping centres, schools, sports and leisure facilities, hospitals and security facilities. The company operates across multiple countries and regions, including Switzerland, Germany, Austria, the UK, Finland and the Middle East, and currently employs around 400 people.

Equistone Partners Europe acquired a majority stake in KWC Group (then Franke Group’s Water Systems division) in April 2021, in a carve-out transaction that brought together its Home, Professional and Medical business units, as well as Nokite, a well-established Chinese original equipment/design manufacturer (OEM) of stainless-steel faucets. Since then, Equistone has worked closely with the management team to execute a strategic realignment focused on fostering the strengths of each business division. As part of this strategy, in 2024, the company successfully sold its medical division to the Swedish Alumbra Group, its home division to Paini and its OEM division back to former owner, Franke Group. The sale of KWC Professional to DELABIE Group now marks the full realisation of Equistone’s investment in KWC.

Following the carve-out from the Franke Group, Equistone supported the rebranding of Franke Water Systems to KWC Group, with its business units renamed KWC Home, KWC Professional and KWC Medical. Nokite retained its original name, having always operated as an independently branded unit within the group. During the investment period, Equistone supported the acquisition of UK-based Newcastle Joinery Ltd, strengthening KWC Professional’s position in the specialised market for sanitary solutions in security and custodial facilities. The firm also drove a wide-ranging value creation program and operational improvements, including implementing a state-of-the-art public cloud enterprise resource planning (ERP) solution, which reduced costs, enhanced global process consistency and laid the foundation for future innovations.

David Zahnd, Partner at Equistone, said: “We are proud to have supported KWC Group over the past four years. In that time, the business has undergone an important strategic realignment, which leaves it in an exceptionally strong position. In DELABIE, KWC Professional has found the right long-term partner, and we wish the team continued success going forward.”

Roman E. Hegglin, Partner at Equistone, added: “When we invested in KWC Group in 2021, we recognised the significant potential within the business. Through strategic divestments and a clear focus on expanding the professional division, we’ve unlocked this potential, and the business is now primed for sustained future growth.”

The agreed transaction is subject to customary closing conditions.

The Equistone deal team consists of Stefan Maser, David Zahnd and Roman E. Hegglin. Equistone was advised on this transaction by Enqcor (M&A), Bär & Karrer (Legal & Tax) and Deloitte (Financial Due Diligence).

DELABIE Group was advised on this transaction by Natixis Partners (M&A & Financing), McDermott Will & Emery (Legal), 8Advisory (Financial & Operational Due Diligence), Arsène Taxand (Tax) and ERM (Environment).