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‘Armacell goes on the block’
Posted on Wednesday, 09 October 2019 11:38
German insulation foam maker Armacell has been put up for sale by Blackstone and Kirkbi, according to Reuters. Citing people close to the matter, the news provider said the divestment could be worth between EUR 1.30 billion and EUR 1.50 billion and noted that Rothschild has been appointed to advise on the process. None of the parties involved have commented on the report at this time. Armacell has been owned by Blackstone and Kirkbi since February 2016, when the parties paid EUR 995.00 million to buy the business from Charterhouse Capital Partners. The latter had previously picked the company up for EUR 500.00 million in July 2013. Armacell describes itself as the inventor of flexible foam for equipment insulation, as well as a leading provider of engineered foams. The company employs some 3,054 people at 24 manufacturing facilities and owns 500 patents. It posted net sales of EUR 610.30 million in 2018, up from EUR 600.30 million over the preceding 12 months. Adjusted earnings before interest, taxes, depreciation and amortisation for the year totalled EUR 106.00 million, compared to the EUR 103.80 million generated in 2018. There has already been one case of a private equity investor announcing an exit from a manufacturer of urethane and other foam products worldwide during 2019 to date. That deal involved the Stephens Group acquiring US-headquartered Sound Seal from Hamilton Robinson for an undisclosed consideration back in March. Across all industries, there have been 2,044 private equity exits announced on a global scale since the beginning of the year. The most valuable of these is worth USD 39.00 billion and saw KKR divesting First Data to Fiserv in late July. © Zephus Ltd