December 4, 2019 / 5:10 PM / 3 months ago

PAI Partners, Lego owner to buy Luxembourg-based insulation foam maker from Blackstone

(This December 4 story corrects headline, paragraph 5 to say Armacell is based in “Luxembourg” and not “Germany”. Removes reference to Germany in paragraph 1. Corrects number of manufacturing facilities)

(Reuters) - Private equity firm PAI Partners and Lego owner Kirkbi said on Wednesday they would buy insulation foam maker Armacell from Blackstone Group Inc (BX.N) for an undisclosed sum.

Reuters reported in October that a deal could be valued at 1.3 billion to 1.5 billion euro ($1.43 billion to 1.65 billion) deal, citing people close to the matter.

PAI Partners, which is one of the oldest European private equity firms, will become the majority shareholder of Armacell.

Danish family investor Kirkbi, which has been an investor in Armacell since 2016, will increase its stake in the company to a significant minority position.

Based in Luxembourg, Armacell operates 24 manufacturing facilities around the world and employs 3,000 staff.

Reporting by Aniruddha Ghosh and Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva

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