Private equity groups and trade buyers are now lining up for Grohe, the German bathrooms company valued at €1.5bn ($1.9bn), owned by BC Partners and put up for sale two months ago.

Bankers close to the deal say Texas Pacific Group, the US buy-out firm with an increasing interest in Europe, and CVC, the pan-European firm, are through to the second round of bidding. Trade buyers are understood to be providing stiff competition.