Investcorp, a global provider and manager of alternative investment products, has agreed the sale of Armacell to Charterhouse for over 500 million euros ($653.6 million). Based in Germany, Armacell is a manufacturer of flexible technical insulation materials.
Investcorp, a global provider and manager of alternative investment products, today confirmed that it has agreed the sale of Armacell to Charterhouse for more than EUR 500 million. Based in Germany, Armacell is a global market leader in the development, production and sale of flexible technical insulation materials.
Investcorp acquired Armacell in 2007 for EUR 400 million and since then has worked alongside the management team to grow the business organically and expand into new geographic markets. Armacell now operates 19 manufacturing facilities in 13 countries and serves 30 countries around the world. Completion of the sale is subject to competition authority clearance.
Under Investcorp’s ownership, Armacell increased sales by 30 percent to approximately EUR 430 million and increased the number of employees to over 2,300 while significantly increasing investment in R&D and product development.
Gilbert Kamieniecky, Principal in Investcorp’s European corporate investments team, commented: “With our support, Armacell has achieved significant growth despite operating in an industry disproportionately impacted by challenging economic conditions. By focusing on the development of new technologies and extending its geographic footprint, around 60 percent of Armacell’s group sales now come from outside of Europe and the company has evolved to become the global market leader in elastomeric insulation foams.”
Investcorp was advised by Barclays on the transaction.
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in London, New York and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2012, Investcorp had $11.5 billion in assets under management. Further information is available at www.investcorp.com.
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