Investcorp sells Armacell to Charterhouse for 500m euros

Investcorp, a global provider and manager of alternative investment products, confirmed that it has agreed the sale of Armacell to Charterhouse for more than 500 million euros.
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 400 million euros 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, according to a statement received here.
Under Investcorp’s ownership, Armacell increased sales by 30 percent to around 430 million euros and increased the number of employees to over 2,300 while significantly increasing investment in R&D and product development.
Mohammed Al-Shroogi, president for Gulf Business at Investcorp, said: “The sale of Armacell at a time when the global economy continues its slow recovery is testament to our ability to grow businesses and help them realize their potential.”
He added: “Armacell’s diversified revenue was the result of working closely with the management team to develop new strategies and technologies. We are proud of Armacell’s success to date and look forward to seeing it continue on the path of success.”
Investcorp was advised by Barclays on the transaction