Geberit

Geberit became Europe's dominant sanitary systems supplier by owning the invisible infrastructure behind every toilet and sink. Founded in 1874, the company doesn't sell bathroom fixtures - it sells the concealed piping, flushing mechanisms, and installation systems that contractors and plumbers specify. This B2B2C strategy creates switching costs: once a building uses Geberit's in-wall systems, replacement parts and service must come from Geberit for decades. The company's 30%+ EBITDA margins (rare in building materials) come from designing lock-in at the infrastructure level. Geberit proves that in construction, the highest returns go to components that are invisible to end users, specified by professionals, and expensive to replace.