Blackstone and KIRKBI to Acquire Armacell
November 30 2015 - 10:16AM
Business Wire
Private equity funds managed by Blackstone (“Blackstone”) and
KIRKBI A/S announce the acquisition of Armacell, the leading global
manufacturer of flexible foam products for equipment insulation and
technical applications, from Charterhouse.
The company operates within two main businesses, Advanced
Insulation and Engineered Foams. The Advanced Insulation business
develops flexible foam products for the insulation of mechanical
equipment in a range of end markets where energy distribution is
required, such as commercial and residential construction,
industrial applications, and the oil and gas industry. The
speciality insulation products are primarily used for air
conditioning and plumbing pipes. The second division focuses on
speciality light Engineered Foams for use in automotive and sports
applications as well as medical and industrial uses.
With regional headquarters in Germany, North Carolina and
Singapore, Armacell has a recognised global footprint with over
2,600 employees worldwide operating across 23 manufacturing plants
in 16 countries and 4 continents. The experienced management team
will continue to be led by Patrick Mathieu who has over 25 years’
experience in the sector and has been Chief Executive of the
business since 2012.
Patrick Mathieu, Chief Executive Officer of Armacell,
said: “We firmly believe that now is the perfect time to take
the business to the next level. Armacell will benefit from
Blackstone’s international experience and expertise as we enter
this next phase of growth. As such, we are delighted to partner
with them going forward."
Lionel Assant, Head of European Private Equity at Blackstone,
said: “Armacell is a highly successful business with market
leading positions led by an excellent and proven management team.
We believe Armacell will continue to benefit from increasing trends
such as global energy-efficiency. The company's strong product
innovation should also enable the business to continue growing in
its existing and new insulation markets. We look forward to working
with Patrick and the team going forward to capitalise on further
growth opportunities, both organically and through
acquisitions."
Thomas Lau Schleicher, Senior Vice President, Long-Term
Equity & Private Equity at KIRKBI, said: “An investment in
Armacell represents an excellent co-investment opportunity
alongside Blackstone, as Armacell is a global market leader with
high-quality products. With its flexible insulation products,
Armacell has a positive impact on the environment since equipment
insulation is one of the most simple and efficient ways to save
energy and reduce global CO2 emissions.”
The transaction is expected to close in Q1 of 2016 and is
subject to usual closing conditions and regulatory approvals.
Lazard acted as lead advisors and HSBC as co-advisors to
Blackstone. Management's advisors were Sycomore Corporate Finance
and Scotto & Associés.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies in which we invest,, and the communities
in which we work. We do this by using extraordinary people and
flexible capital to help companies solve problems. Our asset
management businesses, with over $330 billion in assets under
management, include investment vehicles focused on private equity,
real estate, public debt and equity, non-investment grade credit,
real assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
About KIRKBI
KIRKBI A/S is a holding and investment company owned by the Kirk
Kristiansen family. The company's strategic activities include a
75% ownership of the LEGO Group, a 29.9% ownership of Merlin
Entertainments plc and investments in renewable energy. KIRKBI has
a long-term investment profile and is a responsible investor with a
high ethical standard. Further information is available at
www.KIRKBI.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151130005780/en/
For more information:BlackstoneAndrew Dowler/Rebecca
Flower, +44 (0) 20 7451
4275andrew.dowler@blackstone.comorKIRKBIUlla Lundhus, +45 (0) 53
194 767ulla.lundhus@KIRKBI.dk
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