因此，太阳资本对美标进行了一系列大刀阔斧的调整，其中包括裁员。2008年，太阳资本将克兰公司和雅佳公司并入美标公司。之所以一开始没有这样做，是因为它们刚被太阳资本收购时状况都很差。

    “扭转这两家公司的颓势都需要花大力气，在调整这些公司的同时将它们合并起来几乎是不可能的，”拉德尔解释说。“只有等到每家公司都运作良好后，再将它们整合起来，我们才可以真正从协同效应中得到好处。”

    两年后，它合并了小型组合公司Decorative Panels，同时还收购了一家叫做安全浴缸公司（Safety Tubs）的业务互补型企业。到2011年，在债市复苏时，太阳资本成功发行了1.87亿美元的高收益率公司债，偿还了美标所有的债务。

    与此同时，太阳资本正悄悄地（至少在外界看来如此）一点点的慢慢增持着美标的股权——不仅仅通过将它与克兰公司和雅佳公司合并，还通过贝恩资本不感兴趣出资的后续并购来达到这一目的。也许因为收购Ideal Standard公司的交易并不如预期的那么好，贝恩资本在2009年仅以1.5亿美元的价格就将它的亚洲业务贱卖了，还重组了欧洲业务。

    今年年初，和日本骊住集团商讨出售事宜时，太阳资本已经持有美标超过75%的股权。

    太阳资本最终以5.42亿美元出售了美标公司，意味着它投资美标的回报率高达两倍多（包括合并的组合公司）。这一价格相当于美标公司税息折旧及摊销前利润13倍。

    “我们认为美国接下来将会迎来一个漫长的家居产品和住房市场增长期，”拉德尔说。“所以，我们告诉日本骊住集团现在溢价收购是非常划算的，几年之后美标公司会更值钱。不然，我们会继续等下去，以后聘请投资银行让美标公司上市。”

    日本骊住集团选择了前者，骊住集团对美标公司的估价超过太阳资本2012年底对美标公司估价的40%。拉德尔的预测可能要成真了，实际上，在骊住集团签署收购意向书到实际签署收购合同期间，美标公司的税息折旧及摊销前利润就增长了20%。（财富中文网）

    译者：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.