April 30, 2013 / 10:06 AM / 6 years ago

RLPC-Investcorp sells Armacell to Charterhouse for 500 mln euros

LONDON, April 30 (Reuters) - Bahrain-based private equity firm Investcorp has agreed a sale of its German insulation firm Armacell to Charterhouse Capital Partners for over 500 million euros ($655 million).

Armacell was bought by Investcorp in 2007 for 400 million euros, backed with around 382.5 million euros of debt, according to Thomson Reuters LPC data. Under Investcorp’s ownership Armacell’s sales have increased by 30 percent to approximately 430 million euros.

The sale was started earlier this year in a process managed by Barclays, attracting a number of private equity firms including Charterhouse, HgCapital and Pamplona but the sale stalled after bids received were deemed too low ($1=0.7634 euros) (Reporting by Claire Ruckin; Editing by Greg Mahlich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below