BNPP and Deutsche prep secondary buyout loan for Armacell

By Owen Sanderson
16 Jan 2020

BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.

The company started life 20 years ago in a spin-off, with CVC and Gilde Investment Management the first owners, before selling to Investcorp in 2006, Charterhouse in 2013, and Blackstone in 2016. 

Blackstone brought in Kirkbi, the family office of the family which started Lego, as part of its ...

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