Carlyle to sell natural slate producer Cupa to Brookfield

Carlyle Group has agreed to sell its majority interest in Cupa Group, a Pontevedra, Spain-based producer of premium natural slate.

Carlyle Group has agreed to sell its majority interest in Cupa Group, a Pontevedra, Spain-based producer of premium natural slate. The buyer is Brookfield Asset Management and its institutional partners. No financial terms were disclosed. Carlyle invested in Cupa in 2016.


Madrid and Barcelona, Spain, 01 February 2022 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell its majority stake in Cupa Group (“Cupa”), an international leading producer of premium natural slate, to Brookfield and its institutional partners. The financial details of the transaction, which are subject to customary regulatory approvals, were not disclosed.

Carlyle invested in Cupa in October 2016 through Carlyle Europe Partners IV (CEP IV), a European-focused, upper mid-market buyout fund. During Carlyle’s period of ownership, Cupa has delivered exceptional growth, and has established a global leadership position in the production and distribution of premium natural slates. Growth has been achieved organically, through product innovation and a focus on green renovation, as well as through 7 acquisitions. The company has expanded its presence in key international markets, notably consolidating its position as the leading multi-brand natural stone distributor in Southern West Europe, and developing the UK’s leading independent roofing specialist distributor, which has grown from 10 to 37 branches during Carlyle’s ownership. Cupa has more than doubled revenue over this period to become a recognised industry leader.

Sustainability and ESG have remained an integral component of Cupa’s success since partnering with Carlyle. Natural slate is widely recognised as the most ESG-friendly and energy efficient solution of choice and Carlyle has helped expand the company’s ESG footprint through significant investment in product innovation and increasing the energy efficiency of its manufacturing processes. Cupa became the first natural slate company to become carbon neutral in December 2020.

Javier Fernández, CEO of Cupa Group: “Carlyle has been a valuable partner in Cupa’s growth story over the past 5 years, and we would like to thank the firm for their partnership, expertise and support in the building our global leadership position in the industry and in driving continuous innovation with a commitment to sustainability, which has become a cornerstone of the company. We look forward to continuing our development with our new majority shareholder and partner, Brookfield.”

Alex Wagenberg, Managing Director of the Carlyle Europe Partners advisory team said: “We are grateful and proud to have worked closely alongside Javier and his outstanding management team in the transformation of Cupa group over the past five years, growing from a family-owned company to becoming a global leader in the sector. This successful investment is another prime example of Carlyle’s strategy of working in partnership with management teams to execute value creation initiatives. Through investment in innovation and sustainability, geographic expansion and strengthening management, Cupa has delivered remarkable growth. We wish Cupa and its management the success they deserve in the next chapter of their growth journey.”

Cupa and its shareholders were advised by Morgan Stanley and Linklaters LLP.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle.