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 €400m, which was reported to include close to €382.5m of debt.
The company now operates 19 manufacturing facilities in 13 countries and serves 30 countries around the world.
Under Investcorp’s ownership, Armacell increased sales by 30 per cent to approximately €430m and increased the number of employees to over 2,300 while increasing investment in R&D and product development.
Gilbert Kamieniecky, principal in Investcorp’s European corporate investments team, said, “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 hired Barclays to arrange the long-mooted sale in October 2012, with the firm hoping to complete an exit by the end of the first quarter of this year.
However, the sale of the company was reported to be close to being scrapped following lower than expected bids from potential private equity acquirers.
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