Grohe, a German bathroom products group, has been sold rather than floated. The news will come as a further blow to the German market which has seen three flotations pulled in as many months and the valuation of Postbank, its premier issue, now embroiled in controversy.

BC Partners, the private equity group, bought Grohe from the public market for €1.3bn ($1.6bn) in 1999 and has now sold it to two other private equity groups, Texas Pacific Group and Credit Suisse First Boston Private Equity.