US, European buyout firms line up to bid for Finnish insulation company Paroc


parocPrivate equity firms including TPG and Cinven are reportedly among first-round bidders for Finnish insulation materials business Paroc.

Nordic Capital and CVC Capital Partners have also submitted bids of between €700m and €750m according to Reuters, which cited sources familiar with the matter.

It previously reported that Lazard was running the sale of Paroc, which was taken over by lenders from Bahrain-based Arcapita in 2009.

Paroc’s products include building insulation, technical and marine insulation and acoustics products, while the company also develops and pilots building concepts such as energy-saving renovations.

Earlier this summer UK private equity firm Charterhouse hired banks to prepare an IPO of German insulation materials firm Armacell.

Charterhouse picked Deutsche Bank and Bank of America to act as global coordinators for the IPO with support from BNP. The listing is expected to happen before the end of the year.

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