The Carlyle Group has closed its buy of Spain-based Cupa Group, a maker of roofing slate. No financial terms were disclosed.
Madrid and London – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced it has completed the acquisition of Cupa Group, a Spain-based company producing and distributing natural slate and stone product for roofing and other applications.
Equity for this investment comes from Carlyle Europe Partners IV (CEP IV), the European upper-mid market buyout fund. Javier Fernández, CEO of Cupa and current shareholder, will reinvest alongside Carlyle, which acquired the group from its founding families and Abanca. The business will continue to be run by the current senior executive team.
Based in Orense (Spain), Cupa has its origins in 1892 and now employs over 2,100 people across the world. It is one of the largest global players in the extraction, production and distribution of natural slate. Cupa has 20 quarries in North West Spain producing high quality roofing slate which is exported to over 70 countries under the Cupa brand. The company is also present in the natural stone business through Cupa Stone®, the largest independent distributor of natural stone products in France and Spain. In addition, it controls Burton Roofing, the second largest independent distributor of roofing materials in the UK.
Javier Fernández stated: “We are excited to start our next phase of growth with Carlyle, supported by their financial backing, industry expertise and network across Europe and North America. In partnership with Carlyle, we will focus on new opportunities and markets and continue to invest in innovation to enhance our leadership and accelerate our growth.”
Alex Wagenberg, Managing Director – Europe of The Carlyle Group, commented: “Cupa management and shareholders have built a solid business with a global leadership team, unique assets, respected brands and strong market position. We are delighted to partner with Javier Fernandez and his team as we work together to accelerate the growth of Cupa across its various business lines.”
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 128 funds and 170 fund of funds vehicles as of June 30, 2016. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 35 offices across six continents.
About Cupa Group
Cupa Group is the global leader in the extraction, production and distribution of natural slate with 24 quarries in Spain, Portugal, France and Brazil, which produce high quality roofing slate, exported to over 70 countries under the Cupa brand. It employs more than 2,100 people through its 65 subsidiaries across the world, with more than €300m revenue. The company is also present in the natural stone business through Cupa Stone®, the largest independent distributor of natural stone products in France and Spain. In addition, it controls Burton Roofing, the second largest independent distributor of roofing materials in the UK. The firm has a strong commitment with innovation. In 2006 it founded Cupa Innovación, which develops R&D activities and analyse new slate and stone uses with the highest standards of efficiency, sustainability and durability.
About Carlyle Europe Partners
Carlyle Europe Partners (CEP) seeks to invest in mid-sized companies in Europe across a wide range of sectors and industries, accelerate their growth and support their efforts to expand internationally. The current fund is the fourth in the CEP franchise. The fund is advised by a team of 39 investment professionals across five offices. In total, more than 140 investors from 35 countries have made commitments to the CEP IV fund.