October 8, 2019 / 11:28 AM / 8 months ago

Blackstone, Kirkbi launch sale of insulation maker Armacell - sources

FRANKFURT, Oct 8 (Reuters) - Buyout group Blackstone and Danish family investor Kirkbi are launching the sale of German insulation foam maker Armacell in a potential 1.3-1.5 billion euro ($1.43-$1.65 billion) deal, people close to the matter said.

Rothschild has been brought in to handle the deal, the people said.

Blackstone and Kirkbi, the owner of the Lego toy brand, declined to comment, as did Rothschild.

The investors had bought the company from private equity firm Charterhouse in 2015 for 960 million euros.

Based in Muenster, Germany, Armacell operates 25 manufacturing facilities around the world and employs 3,000 staff. It specialises in flexible insulation foams used to lag pipes and ductwork in buildings.

$1 = 0.9100 euros Reporting by Arno Schuetze Editing by Tassilo Hummel

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