Charterhouse Capital Partners agrees sale of Armacell to Blackstone and KIRKBI
November 30, 2015
Charterhouse Capital Partners (“Charterhouse”) today announces that the Charterhouse Capital Partners IX fund has agreed the sale of Armacell (“the Company”), a leading insulation materials business in Germany, to funds advised by Blackstone and family investment firm, KIRKBI A/S.
Armacell 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.